Acumen Fund Invests $11 Million in 9 Pakistan Sectors
Wednesday, December 8, 2010
KARACHI – The Acumen Fund has invested $11 million in nine different sectors for poverty alleviation in Pakistan. “The Fund started its investment in Pakistan in 2006 with an initial investment of $1 million, which has now increased to $11 million in 2010”, Zubyr Soomro, chairman of Acumen Fund Pakistan Advisory Council, said at the Acumen Fund Community Annual Gathering 2010 at a hotel here on Saturday.
He spoke about his personal journey with the Acumen Fund, and the inspiration to support sustainable enterprises that preserve the dignity of the poor, instead of traditional forms of aid. The Acumen Fund Pakistan Country Director, Aun Rahman, spoke about using investment funds like Acumen to provide capital to high-risk social enterprises, which are providing critical goods and services to the poor. He also shared examples of excellence in social entrepreneurship, including Jasser Farms from Narowal – an enterprise aiming to change the rural landscape through affordable artificial insemination using ground breaking technology in Pakistan.
Dr. Ishrat Hussain, Dean and Director of Institute of Business Administration (IBA) spoke about the role of social entrepreneurship in the broader development context of Pakistan. Acumen Fund Portfolio Manager Ahmed Arif spoke about Acumen’s newest investments in Pakistan, highlighting the innovative Pharmagen Health Limited which is providing top quality clean drinking water at Rs 1.5 per litre, innovatively cutting costs of packaging and distribution to make the product affordable to the poor.