The SDGs Innovative Financing Challenge Cup, organized by United Nations Development Programme (UNDP) in partnership with IBA’s Center for Entrepreneurial Development (IBA-CED) and JS Bank, celebrated its finale to champion sustainable and climate-resilient businesses in Pakistan. Aligned with the United Nations Day of Micro, Small, and Medium-sized Enterprises (UN MSMEs Day), the initiative underscored UNDP’s, JS Bank’s, and IBA’s commitment to supporting MSMEs in Pakistan.
This pioneering initiative introduced a unique blended financing approach, combining public-private partnerships to identify and support climate-resilient projects addressing social and environmental challenges linked to the Sustainable Development Goals (SDGs).
Additionally, the SDGs Innovative Financing Challenge Cup received over 200 applications nationwide. After a rigorous selection process, 30 SMEs and projects advanced to capacity-building workshops. These workshops provided crucial skills in product design, financial planning, marketability, and SDGs-related blended financing.
After the workshops, the competition intensified as it narrowed down to the top 10 finalists. The event culminated in the announcement of winners chosen by evaluators from UNDP Pakistan, JS Bank, and IBA. The top four SMEs and projects received a blend of financial support — grants from UNDP Pakistan, complemented by financing from JS Bank — enabling them to scale operations and enhance their contributions to Pakistan’s sustainable development goals.
Simultaneously, the event attracted an audience of over 350 attendees, including students from IBA and other universities, vocational training institutes, startups, and representatives from IBACED, JS Bank, UNDP Pakistan, and Business Incubation Centers (BICs).
Ammara Durrani, Assistant Resident Representative, Development Policy Unit, UNDP Pakistan, emphasized the significance of this initiative: “This marks a milestone as the first time such blended financing is offered. Our goal is to not only provide financial backing but also build capacities and forge meaningful private sector linkages.”
In addition, Dr. Lalarukh Ejaz, Director of IBA CED, highlighted the collaboration’s purpose: “The SDGs Innovative Finance Challenge Cup aims to inspire entrepreneurs with SDG-aligned projects to pitch their innovative solutions.”
Syed Jafar Raza, Group Head Investment, International & Transactional Banking, JS Bank, noted, “This collaboration showcases how public-private partnerships drive positive change by combining financial expertise with UNDP’s sustainable development knowledge.”
The finale awarded grants of 10 million PKR each from UNDP Pakistan followed by loans from JS Bank to the winning ventures: Vitality Vehicles (Vlektra), Concept Loop, Knowledge Platform, and Davaam Life. Moreover, these enterprises aim to reduce emissions through electric motorcycles, convert plastic waste into building materials, promote environmental literacy through educational games, as well as encourage the use of refillable products, respectively.
Furthermore, the SDGs Innovative Financing Challenge Cup marks a significant milestone in fostering a resilient ecosystem for climate resilience, inclusive insurance, and innovative social enterprises in Pakistan, paving the way for a sustainable future.
