Karandaaz, A Pakistani private company established in 2014, encourages and helps small business financing through investments platforms, have started a challenge in which the group will be funding corporations, non-profit organizations, green-techs or nay registered business that can demonstrate the solutions to tackle the problems such as air pollution, waste management, and water scarcity.
Karandaaz has financial and institutional support from various International development finance institutions including the Bill & Melinda Gates Foundation, United Kingdom Department for International Development (UKAid), and The Consultative Group to Assist Poor (CGAP), a member of the World Bank.
Karandaaz has financed many ventures in the past that have proved to be quite successful. The group has signed various grant agreements with FinTechs to help in getting more women involved in different corporate sectors especially finance, this initiative helped close the gender gap in Pakistan’s Digital financial departments.
Another successful FinTech project was named Raast. It was basically the centralized financial system that connected all major banks, non-banks, and billers through APIs, making the process of payment handling swift and easy.
Karandaaz will accept the applications only when the applicant has demonstrated experience in using the technology to propose a solution to the said environmental problems. The project has to be scalable and commercially feasible, so to make the project a success, the technological solution and delivery partners are a major part of the project other than the fund itself (GCF).
There are two basic themes of the Green Challenge Fund:
1. Efficient Water Management and conservation, be it domestic, industrial, or agriculture.
2. Efficient Plastic Waste Management
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