As an initiative of the Private Infrastructure Development Group (PIDG), InfraZamin Pakistan is a commercial credit enhancement facility that aims to crowd in funding from local markets for sustainable and socially responsible infrastructure. It is funded with equity capital from InfraCo Asia and Karandaaz Capital. InfraZamin Pakistan is a first-of-its kind offering in the country. It was initiated by PIDG company GuarantCo following its experience in creating and operationalising a similar concept in Nigeria, InfraCredit.
Since it was established in November 2020, InfraZamin Pakistan has achieved a number of milestones: It was given an AAA rating by the Pakistan Credit Rating Agency (PACRA), and completed its first transaction with Multinet, a Pakistan-based fibre optic and connectivity provider. The Multinet loan facility was provided by Pakistan’s Habib Bank Limited (HBL) and supported by a partial risk credit guarantee from InfraZamin Pakistan. The funds will support the company in its plans to extend fibre optic access into Tier 2 and Tier 3 cities in the country, and grow its customer base to cover even more small- and medium-sized enterprises.
A five-part video series produced by InfraCo Asia highlights InfraZamin Pakistan CEO Maheen Rahman’s perspectives on the role of local currency guarantees in Pakistan’s infrastructure ecosystem, and what InfraZamin Pakistan has helped to facilitate – for Multinet and for fibre optic access in Pakistan – through its involvement in the transaction.