BMGF and Karandaaz: Aurangzeb acknowledge valuable contributions

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb on Tuesday met with Syed Ali Mahmood, Country Lead for Pakistan at the Bill and Melinda Gates Foundation (BMGF) and Waqas ul Hassan, CEO of Karandaaz aims to explore innovative solutions to Pakistan's developmental challenges.

The discussion focused on potential areas of collaboration between the government, BMGF, and Karandaaz, with an emphasis on leveraging technology and data-driven solutions, said a news release.

The minister reiterated the government's commitment to create an enable environment for innovation and entrepreneurship, emphasizing the importance of partnership and collaboration in driving sustainable development.

The minister acknowledge the valuable contributions of the BMGF and Karandaaz towards the development landscape of Pakistan, specifically appreciating the role BMGF plays through Karandaaz for increasing financial inclusion in Pakistan.

He also emphasized the importance of public-private partnerships in driving sustainable development and promoting inclusive growth.

Syed Ali Mahmood shared insights from the BMGF ongoing initiatives in Pakistan, particularly in context of financial inclusion.

He appreciated the government’s ambition for digitalizing the economy and offered support. He further expressed the Foundation's commitment to supporting Pakistan's efforts in achieving its development goals and improving the lives of its citizens.

Waqas-ul-Hassan provided an overview of Karandaaz's role in promoting financial inclusion and entrepreneurship in Pakistan.

He highlighted the Foundation's focus on fostering innovation and expanding access to financial services for underserved communities, thereby contributing to economic empowerment and poverty alleviation.

Minister Aurangzeb reiterated the government's commitment to creating an enabling environment for innovation and entrepreneurship, emphasizing the importance of partnership and collaboration in driving sustainable development.

During the discussions, Sustainable growth and management of Raast, connectivity of Raast with Buna and digitalization of the tax system were discussed as the critical initiatives for collaboration.

Moreover, the importance of revitalizing the National Financial Inclusion Strategy (NFIS) of Pakistan was also stressed upon. The strategy aimed to promote financial inclusion and expand access to financial services across the country.

The minister highlighted the need for a renewed focus on it's objectives including increasing access to formal financial services, expanding branchless banking and mobile financial services, and promoting financial literacy and consumer protection.

The meeting concluded with a commitment from both sides towards collaborative efforts required for fostering a more inclusive and resilient financial ecosystem in Pakistan.