KARACHI – The British Asian Trust, founded by King Charles III, and the Punjab Skills Development Fund (PSDF), signed an agreement to build Pakistan’s first Employment Impact Bond.
The Employment Impact Bond will ensure 40,000 jobs for young people in key growth sectors and drive a focus on long-term employment outcomes while unlocking new capital to fund social impact in Pakistan. Impact bonds are innovative financing instruments that leverage private sector capital and expertise for development, with a focus on achieving results. They shift the focus from inputs to outcomes, performance, and results through financial incentives.
Kamyla Marvi, British Asian Trust Pakistan Director, said, “This partnership with PSDF marks a significant milestone in our efforts to drive employment for the youth of Pakistan. We are excited to bring international expertise to support the local design of the country’s first impact bond for employment. We genuinely believe that this is an opportunity to transform the approach to development finance in Pakistan leading to greater innovation, efficiency and scale.”
Ali Akbar Bosan, COO of PSDF, said, “This pioneering initiative represents a revolutionary approach to funding skills training, set to transform the landscape of skilled workforce development. The feasibility study will evaluate the potential impact, scalability, and financial viability of the Employment Impact Bond, laying the foundations for future programmes. This first-of-its-kind venture in Pakistan is our commitment to innovative solutions that address the pressing need for skilled labour, promising a significant shift in how skills training programmes are financed and implemented.”
