EMGA completes EUR 9.4M capital raise for Kashf Foundation with financing from BIO

LONDON, Oct. 03, 2022 (GLOBE NEWSWIRE) — The EURO 9.4 million funding facility for Kashf Foundation was originated, structured, and negotiated by Emerging Markets Global Advisory LLP (EMGA), the emerging market investment bank.

Speaking on the transaction, Mr Shahzad Iqbal, CFO of Kashf Foundation said, “Kashf Foundation is registered as a Non-Banking Micro Finance Company regulated by the Securities and Exchange Commission of Pakistan. Set up in 1996 as the first specialized microfinance institution of Pakistan it began its operations as a Grameen replicator and since then, Kashf has successfully carved out a distinct and unique niche for itself in the microfinance sector in Pakistan by offering a suite of innovative and transformative products and services to low-income households especially for women. It has a current outreach of over 600,00+ female borrowers across its 360+ branches with a GLP of USD 90+ million.”

“Just to share that it has always been a pleasure working with EMGA on new transactions to expand our network and outreach. This is the first ever transaction that we are doing with BIO and that too, in Euros. I believe BIO and Kashf will work together and build a strong relationship to increase the financial inclusion in Pakistan and particularly for women. This transaction will help Kashf Foundation to expand its outreach not only in its existing operational areas but also in the new geographical regions across Pakistan.”

Emerging Markets Global Advisory LLP (EMGA)’s Managing Director and Head of Investment Banking Sajeev Chakkalakal said, “It has been a pleasure to continue our long-term partnership with Kashf Foundation and deliver this new financing solution despite the volatile economic environment both within Pakistan as well as globally.” Also commentating on the transaction, Emerging Markets Global Advisory Limited (EMGA)’s Managing Director Jeremy Dobson said, “It was a real pleasure to work with Kashf Foundation again on this latest transaction and help support their female micro-entrepreneur client base.”

Frédéric Vereecke, Investment Officer from the Belgian Investment Company for Developing countries (BIO) commented, “We welcome the opportunity to support Kashf Foundation in empowering women and their families by providing quality financial services to low-income households in Pakistan.”

Kashf Foundation is registered as a Non-Banking Micro Finance Company regulated by the Securities and Exchange Commission of Pakistan. Set up in 1996 as the first specialized microfinance institution of Pakistan it began its operations as a Grameen replicator and since then, Kashf has successfully carved out a distinct and unique niche for itself in the microfinance sector in Pakistan by offering a suite of innovative and transformative products and services to low-income households especially women.

Belgian Investment Company for Developing countries (BIO) supports a strong private sector in developing and emerging countries, to enable them to gain access to growth and sustainable development within the framework of the Sustainable Development Goals. They achieve this by investing in small and medium-sized enterprises, financial institutions, and infrastructure projects, contributing to socio-economic growth in developing countries.

Emerging Markets Global Advisory Limited (EMGA), with offices in New York and London helps financial institutions and corporates that seek new debt or equity capital. EMGA provides its services, to clients within many of the worlds rapidly developing economies, including Pakistan. With a proven track record in capital formation and strategic advisory throughout diverse economic cycles, EMGA continues to expand its geographic reach and service offering, as they solidify their place in the market as one of the industries preeminent emerging markets focused investment banks.

Contact details
info@emergingmarketsglobaladvisory.com

Vontier Completes Acquisition of Invenco

RALEIGH, N.C., Oct. 3, 2022 /PRNewswire/ — (BUSINESS WIRE) — Vontier Corporation (“Vontier”) announced today that it completed its previously announced acquisition of Invenco, a leading global provider of open platform retailing and payment hardware and software solutions. Invenco will function as part of Gilbarco Veeder-Root (GVR), an operating company within the Mobility Technologies platform, to help expand their software-enabled workflow solutions and subscription business model.

Vontier Completes Acquisition of Invenco

As one of the leading suppliers of retailing and payment solutions to the convenience retail industry worldwide, Invenco’s innovative, modern, and highly secure solutions are well positioned to enable retailers to solve for dynamic needs and innovate for different energy futures, digital payments, and consumer services.

This acquisition accelerates our digital strategy and better positions us to serve our customers’ growing demand for secure, digitally agile software systems,” said Mark Morelli, Vontier’s chief executive officer. At the same time, it also delivers on our goal to move up the technology stack, expand our recurring revenue base, and accelerate growth in high-growth markets.”

“We are excited to welcome Invenco to the Vontier family,” said Aaron Saak, President, Gilbarco Veeder-Root. “Invenco immediately enhances GVR’s retail and payment solutions capabilities to deliver on both existing and key emerging market trends. Invenco’s secure, cloud-based open architecture software platform allows fast, low-cost integration while improving customers’ digital agility. Combining Invenco’s disruptive technology platforms with our strong direct channel presence creates a compelling market-leading position to deliver innovative products and solutions for our customers.”

Invenco has made significant investments to accelerate its transformation from hardware to software aligning with Vontier’s evolution to an industrial technology company with software enabled workflows. Vontier remains at the forefront of solving next-generation mobility and transportation challenges. With Invenco’s forward-looking technology Vontier will continue delivering smart, sustainable solutions for its stakeholders, customers and consumers world-wide.

About Vontier

Vontier is a global industrial technology company at the forefront of solving next-gen mobility and transportation challenges. Guided by the Vontier Business System and an unwavering commitment to our customers, Vontier delivers smart, sustainable solutions to create a better world.

About Gilbarco Veeder-Root

Gilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations, offering the broadest range of integrated solutions from the forecourt to the convenience store and head office. For over 150 years, Gilbarco has earned the trust of its customers by providing long-term partnership, uncompromising support, and proven reliability. Major product lines include fuel dispensers, pump media, point-of-sale systems, payment systems, tank gauges and fleet management systems.

Photo – https://mma.prnewswire.com/media/1912500/Gilbarco_Veeder_Root.jpg

At UN, Pakistan calls upon world to reaffirm commitment for poverty eradication

At the United Nations, Pakistan has called upon the world community to reaffirm its commitment for poverty eradication, promotion of full employment, and fostering of social inclusion through transformative action, in a bid to empower people.

Speaking at a debate on social development at the United Nations, a Counsellor in the Pakistan Mission to the United Nations Saima Saleem called for stepped up aid to the crises-hit developing countries.

She said international community must redouble efforts with firm political will and mobilize resources required by developing countries for social protection programmes.

Source: Radio Pakistan

Masood invites US companies to invest in climate resilient infrastructure in Pakistan

Pakistan’s Ambassador to United States Masood Khan has invited US companies to invest in climate resilient infrastructure in Pakistan.

Talking to President US Chamber of Commerce Suzanne Clark during his visit to the Chamber’s headquarters, he said a robust Pak-US trade partnership could transform recent crisis in Pakistan into an opportunity for the US business community to invest in building green and climate resilient infrastructure that would withstand future natural calamities.

He said recent floods in Pakistan and the Hurricane Ian in Florida and adjacent states have reinforced the need for the two countries to work hand in hand for mitigating impacts of erratic climate change.

The Ambassador also conveyed his heartfelt sympathies over the havoc caused by Hurricane Ian in Florida and adjacent states.

He said timely investment in building climate resilient infrastructure would not only help securing our future but also preclude climate induced global migration, food security crises and a cascade of similar challenges.

Masood Khan said that the US remained an important economic and trading partner of Pakistan over the years. He said it is important to give trade a boost with mutual efforts and collaboration between the private sectors of the two countries and policy support of the government.

Referring to the existing businesses of US multinational companies, the Ambassador said that Pakistan’s strategic location, tech savvy young population, large middle class, phenomenal growth of Pakistan’s tech sector and Special Economic Zones offers tremendous investment opportunities to the U.S. companies.

The Ambassador highlighted that bilateral trade between Pakistan and the United States in the preceding financial year has crossed 12 billion dollars which itself reflects the ample scope of enhanced trade between the two countries.

He said U.S. corporate sector could reap tremendous dividends by manufacturing its products in Pakistan and exporting them to greater Middle East, Central Asia and even North Africa, said the Ambassador.

Masood Khan apprised the President USCC that the current government has constituted a special task force on Information Technology to promote tech start-ups.

He also reiterated that the Government is focused on addressing the concerns of private sector both foreign and local to provide them an enabling environment for growth.

He urged USCC to encourage its member companies to explore investment opportunities in Pakistan that have grown manifold especially during the rehabilitation and reconstruction phase.

On the occasion, Suzanne Clark expressed her deep condolences over the loss of life  and damages to the property due to devastating floods in Pakistan that have swept one third of the country razing crops and levelling infrastructure.

She said due to its unique strategic location, improved security situation, growing middle class especially the tech savvy young population, Pakistan should become an attractive investment destination for the US companies.

Source: Radio Pakistan

Germany enhances financial support to €56 million for Pakistan’s flood victims

German Ambassador to Pakistan Alfred Grannas says his country has enhanced its financial assistance to fifty six million euros for flood affected families in Pakistan.

In a tweet, he said Germany will continue to stand by the people of Pakistan and extend help and support to them during this tragic time.

The ambassador said our thoughts are with the flood victims’ families, as expressed by German President Frank-Walter Steinmeier and Federal Chancellor, Olaf Scholz in their letters of condolences to their counterparts.

Source: Radio Pakistan

Pakistani UN peacekeeper martyred in Congo: ISPR

A Pakistani peacekeeper Havaldar Babar Siddique has embraced martyrdom in the line of duty on UN Peace Keeping Mission in Democratic Republic of Congo.

According to ISPR, six armed assailants from Bunyamalange Armed Group approached Permanent Operation Base Minibwe, Congo in disguise to surrender their weapons as part of UN initiative.

Havildar Babar Siddique was performing the duties of Guard Commander at entry point for registering proclaimed surrenders.

The leading assailant started discriminate firing on check post resultantly, Havaldar Babar received a gunshot on his head.  Pakistan Army troops responded immediately. Havaldar Babar was evacuated to nearest Pakistan Army medical Aid Post but he could not survive.

Pakistan has always played a pivotal role as responsible member of the international community to help realize ideals of global peace and security through active support in various UN Peacekeeping missions.

Our Peacekeepers have always distinguished themselves in executing challenging peacekeeping tasks in conflict torn areas through devotion and, if necessary, rendering supreme sacrifices.

So far 171 Pakistan peacekeepers have laid down their lives during various UN missions for international peace and security.

Source: Radio Pakistan