Acumen Pakistan Signs MoU with Punjab Board of Investment & Trade
Lahore, Pakistan, 13 February, 2014: Acumen Pakistan and the Punjab Board of Investment & Trade (PBIT) signed a $3.5 million Memorandum of Understanding (MoU) on Public-Private Partnership basis to alleviate poverty by providing critical goods and services to those at the bottom-of-the-pyramid. Acumen, a pioneering social impact investor, has identified sustainable solutions in the solar energy and water sectors, which is expected to generate employment opportunities as well. The MoU was inked by Mr. Farrukh H. Khan, Country Director, Acumen Pakistan and Syed Maratib Ali, Vice Chairman/CEO, PBIT. Acumen CEO, Ms. Jacqueline Novogratz was also in attendance.
This path breaking initiative will allow two Acumen companies, namely Pharmagen and SRE Solutions, to scale their operations to provide low-cost drinking water and solar energy solutions in the Punjab. PBIT’s joint effort with Acumen is expected to enable Pharmagen and SRE Solutions to provide critical services to 180,000 individuals over three years. This is a first of its kind initiative that will apply Public-Private Partnership principles to sustainable development in the Punjab.
“Partnerships such as these allow for greater synergies to be established between the public sector and institutions such as Acumen,” said Ms. Jacqueline Novogratz at the signing MOU ceremony at PBIT. “We are hopeful that this initiative will act as a catalyst for future collaborations between the Government and organizations tackling poverty.”
“This partnership is expected to enable our companies to provide affordable and high-quality critical goods to the communities that need it most,” said Mr. Khan. “The innovative aspect of the model is that funds will only be leveraged as a catalyst and will be a one-time cost; after 3 years, the communities will continue to be serviced by the companies on a sustainable basis”.
Emphasizing the importance of public-private partnerships Syed Maratib Ali said, “The Punjab Government is dedicated to finding sustainable solutions to help eradicate poverty and we are excited to work with Acumen to achieve this goal. Our aim is to roll this initiative out to the entire province as quickly as possible and impact millions of lives.”