ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin was briefed on the ongoing efforts of National Investment Trust Limited (NITL) in developing Pakistan’s ‘First Social Impact Fund (SIF).
The SIF was primarily dedicated to finance strategic and financially sustainable social initiatives such as women empowerment, agriculture value chains, MSME development, low cost renewable energy and low cost housing schemes through micro-finance banks/institutions, MD NITL, Adnan Afridi informed the minister during a call on meeting.
Afridi commended the ongoing developments in the macro policy framework as it helped stimulate significant growth in the asset management Industry whereby the total Assets Under Mutual Funds (AUMs) crossed Rs1 trillion mark in the outgoing fiscal year, posting a growth of nearly 65% YoY.
Afridi also highlighted the synergies that could be created between ‘NIT Social Impact Fund’ and ‘Kamyaab Pakistan Program (KPP). NIT SIF and KPP would go hand-in-hand by introducing mission oriented low cost capital for the lower income strata of the society through requisite assets supply and lending structures, he added.
The Finance Minister praised NIT’s efforts in addressing financial inclusion gap with such innovative and pioneering platforms and expressed confidence that investors would be attracted to the ‘double bottom line’ offering of SIF.