Maps
Magazine

TRADE & ECONOMY

British Asian Trust and Punjab Skills Development Fund Launch Pakistan's First Employment Impact Bond
British Asian Trust and PSDF join hands to launch Pakistan's first Employment Impact Bond, aiming to provide training to 40,000 youth and create long-term employment opportunities.
ND
by News Desk
2024-05-25
British Asian Trust and Punjab Skills Development Fund Launch Pakistan's First Employment Impact Bond

The British Asian Trust, in collaboration with the Punjab Skills Development Fund (PSDF), has embarked on Pakistan's inaugural Development Impact Bond project, focusing on employment outcomes for the country's youth.

 

A memorandum of understanding (MoU) ceremony between the two entities marked the formal commencement of the project, aiming to train over forty thousand young individuals in essential skills. The initiative not only seeks to enhance youth employment prospects but also anticipates a significant rise in their income levels.

 

Substantial funding for this transformative project will be provided by the Outcome Accelerator, generously supported by the Foreign, Commonwealth & Development Office (FCDO), the State Secretariat for Economic Affairs of Switzerland (SECO), and the UBS Optimus Foundation.

 

The MoU ceremony, hosted by Mr. Martin Dawson, UK's Deputy Head of Mission in Pakistan, marked the official launch of Pakistan's first Employment Impact Bond. This innovative financing mechanism is tailored to secure 40,000 jobs for youth across key development sectors, emphasizing long-term employment outcomes.

 

Employment Impact Bonds represent a paradigm shift in development financing, leveraging private sector capital and expertise to achieve tangible results. By incentivizing performance and outcomes, these bonds prioritize efficiency and innovation in development initiatives.

 

Kamila Marvi, Director of British Asian Trust Pakistan, expressed enthusiasm for the partnership with PSDF, highlighting its significance in addressing youth employment challenges in Pakistan. She underscored the potential of the Employment Impact Bond to revolutionize development finance in the country.

 

Ali Akbar Bosan, Chief Operating Officer of PSDF, echoed Marvi's sentiments, emphasizing the transformative potential of the bond in skill development. He highlighted the feasibility study's role in assessing impact, scalability, and financial viability, paving the way for future programs.

 

The Employment Impact Bond initiative signifies a commitment to innovative solutions in addressing Pakistan's urgent need for skilled workers. It promises to usher in a new era in the financing and implementation of skill training programs, with far-reaching implications for youth empowerment and socio-economic development.
Tagged:

YouthEmpowerment

EmploymentImpactBond

SkillDevelopment

DevelopmentFinance
Share News: