The investment will allow the bank to strengthen its lending operations for women-owned micro, small, and medium enterprises in the underserved regions of the country.

The three-year project aims to eliminate barriers in access to finance for young entrepreneurs, create income generation opportunities and promote financial inclusion and growth.

Under this agreement, Karandaaz has committed a grant to FINCA Microfinance Bank Pakistan for initiating and running an exploration program that will help FINCA design gender-sensitive products and communication strategy with the aim of reducing the gender gap.

The local currency-denominated senior non-preferred sustainability bonds will help the bank increase its lending to businesses investing in climate-smart initiatives—green buildings, renewable energy, energy efficiency, clean transportation, sustainable agriculture, and others.

The workshop will be delivered in English with French and Arabic interpretation.

The pan-African financial institution will use the funds to finance the green transition through sustainable infrastructure in Africa.

An 11-member committee, headed by Grameen Bank Chairman Prof Dr A K M Saiful Majid, has been formed to look into the cost of the MFI's services and to determine if there is any scope to reduce the charges.

The funds will allow Banco D-Miro to continue the expansion of its microcredit lending activities in Ecuador.

According to the release, the partnership was inked at the eighth Tokyo International Conference on African Development, and is among the first to involve an African fintech company.

Both products offer combined insurance cover against heavy wind and rainfall and are designed to offer immediate financial support after extreme weather events.