InfraZamin Pakistan and SECP Stress Need for Advancing Green Financing through Capital Markets
Karachi, April 30, 2025 — InfraZamin Pakistan in collaboration with the Securities and Exchange Commission of Pakistan (SECP), British High Commission Islamabad, and the Private Infrastructure Development Group (PIDG) hosted a seminar titled “Green Financing via Debt Capital Markets” in Islamabad. The event brought together senior professionals and international experts from the regulatory, financial, and development sectors to discuss the pivotal role of credit enhancement in mobilizing debt capital markets for sustainable development in Pakistan.
The seminar featured keynote addresses and panel discussions with speakers, including Akif Saeed, Chairman SECP, Jo Moir, Development Director, British High Commission Islamabad, Maheen Rahman, CEO InfraZamin Pakistan, Boo Hock Khoo, Chairman of the Board of InfraZamin Pakistan, Philip Skinner, Origination Lead of Nature at PIDG, and Waqas ul Hasan, CEO Karandaaz Pakistan. The discussions shed light on the importance of innovative financial instruments and the need for enabling regulatory frameworks in fostering infrastructure development.
One of the central sessions featured an engaging conversation between Boo Hock KHOO, moderated by Maheen Rahman. The discussion, titled “How Rupee Bonds Can Power Pakistan’s Recovery,” explored the critical need for expanding the domestic bond market, reducing reliance on external debt, and enabling financial resilience through local currency financing.
Another key highlight of the seminar was the panel discussion on “Creating a Green Financing Ecosystem: Integrating Credit Enhancements and Financial Instruments.” The session featured insights from Claudine Lim, Director, InfraZamin Board; Khalida Habib, Executive Director at SECP; Rizwan Ahmed, GM and CEO of Saudi Pak Industrial and Agricultural Investment Company; and Imtiaz Gadar, CFA, CEO of Al Meezan Investment Management Ltd. The discussion focused on embedding credit guarantees into sustainable financing products and enabling long-term investments in green infrastructure. Panelists emphasized the role of financial innovation in supporting Pakistan’s transition to a greener, more resilient economy.
Mr. Akif Saeed in his address emphasized SECP’s commitment to creating an enabling regulatory environment that fosters innovation in financial products. He stated “SECP is committed to creating a transparent and efficient capital market by streamlining bond issuance to reduce time and cost. It also encourages the private sector to adopt S1 and S2 disclosure standards for greater transparency, while emphasizing the importance of credit enhancement and blended finance in strengthening investor confidence and broadening the investor base.”
Development Director at the British High Commission Jo Moir said: Pakistan has a unique opportunity to lead in sustainable development by using global green finance trends and innovative financial tools. The UK is supporting Pakistan with technical expertise and financial partnerships to help create a greener, more resilient future.
Boo Hock Khoo, drawing on his extensive global experience in credit enhancement and infrastructure finance, noted that “Development of green financing via local capital markets is a powerful step forward for the country. InfraZamin’s efforts in providing credit guarantees on bond instruments are key to building investor confidence and enabling scalable, climate-aligned infrastructure in Pakistan. The SECP’s leadership in fostering a regulatory framework that supports these developments is highly commendable and encouraging.”
InfraZamin CEO Maheen Rahman shared insights from the organization’s recent initiatives, including the launch of South Asia’s first gender that till date, has empowered approximately 30,000 women through micro-infrastructure development. She also discussed the Agri-Infrastructure Sukuk with Unity Foods, a PKR 2 billion Shariah-compliant instrument aimed at modernizing agricultural facilities and promoting renewable energy. These projects exemplify InfraZamin’s commitment to leveraging credit guarantees to attract private investment into underserved sectors.
Waqas ul Hasan, CEO Karandaaz Pakistan, highlighted the organization’s role in strengthening the green financing ecosystem and its contribution to mobilizing the debt capital market. He stated, “Green finance is no longer a choice — it is an imperative. Sustainable economic progress depends on mobilizing capital toward climate-resilient and environmentally responsible investments. We see InfraZamin, in partnership with regulators and the financial sector, as central to unlocking the full potential of Pakistan’s debt capital market. Together, we are working to accelerate private sector participation in green infrastructure and financial innovation, laying the foundation for a more resilient, inclusive, and sustainable future for Pakistan.”
“Farrukh Subzwari, CEO of Pakistan Stock Exchange stated, “As global challenges like climate change and inequality intensify, ESG principles are becoming essential for businesses worldwide. At the Pakistan Stock Exchange, we recognize that adopting sustainable practices not only mitigates risks and meets growing investor expectations but also drives long-term business success. The global surge in sustainability-labeled bond issuance, which grew by 5% to reach $1.1 trillion in 2023-2024, reflects the increasing adoption of sustainable frameworks and a commitment to transparency. PSX is committed to advancing the effort in green financing, supporting sustainable infrastructure development to foster a resilient and inclusive economy for Pakistan.”
Philip Skinner, discussed the role PIDG has played in mobilizing private capital for sustainable financing. He presented case studies—most notably Acorn, East Africa’s first-ever green bond, which financed green, safe, and affordable student accommodation in Nairobi. Phil stressed that “Encouraging green financing through capital markets is a critical component of Pakistan’s response to financing its climate investment need. Certifying issuances as green helps build market capacity to understand climate risk and increases market attractiveness to foreign investors.”
The seminar concluded with a strong consensus on the urgent need to deepen Pakistan’s green financing ecosystem by leveraging debt capital markets. Stakeholders emphasized the importance of continued collaboration between the public and private sectors to introduce innovative financial instruments, strengthen credit enhancement frameworks, and unlock long-term capital for sustainable infrastructure development.
