Ms. Maheen Rahman appointed CEO of InfraZamin Pakistan
Following an extensive search and competitive selection process, the stakeholders of InfraZamin Pakistan, namely Karandaaz Pakistan, and the Private Infrastructure Development Group (PIDG) companies InfraCo Asia Investments and GuarantCo, have appointed Ms. Maheen Rahman as the company’s Chief Executive Officer. Ms. Rahman, whose appointment as InfraZamin CEO will take effect on 1 January 2021, brings with her over twenty years of experience in investment banking, research and asset management.
A recently launched initiative of PIDG, InfraZamin Pakistan is an innovative, for-profit credit enhancement facility developed by GuarantCo. InfraZamin Pakistan will be funded with PKR 4.125bn (approx. USD 25m) equity capital from PIDG Company InfraCo Asia Investments and Karandaaz Pakistan, provided by the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), and a contingent capital facility of up to PKR 8.25bn (approx. USD 50m) from GuarantCo.
InfraZamin aims to fill current gaps in the local credit markets in order to catalyse greater private sector participation in long-term, local currency financing of infrastructure in Pakistan. InfraZamin will do so by providing guarantees to enhance the credit quality of local currency debt instruments that finance creditworthy infrastructure projects in Pakistan across sectors including renewable energy, digital communications, water, and wastewater treatment, social infrastructure, and more.
By reducing credit risk, InfraZamin’s guarantees are expected to ‘crowd-in’ private sector capital to boost much needed investments in infrastructure and contribute to the development of Pakistan’s financial architecture. Pakistan currently spends only 2.1% of its GDP on infrastructure, leading to a widening infrastructure deficit. The additional investments unlocked by InfraZamin are expected to support economic growth, create jobs, and improve access to essential infrastructures such as housing, clean energy, and clean water supply for underserved populations in Pakistan.
Before her appointment as InfraZamin Pakistan’s CEO, Ms. Rahman served as the Chief Executive of Alfalah GHP Investment Management where, under her leadership, Alfalah Investments has grown to be one of the largest asset management companies in Pakistan. She brings a diverse range of experience and a deep familiarity with Pakistan’s capital markets and the financial sector.
On her appointment, Ms. Maheen Rahman said “InfraZamin represents a new opportunity for the development of innovative solutions for infrastructure financing in Pakistan. I am excited to be able to lead this initiative and contribute towards socially responsible infrastructure development that seeks to have a positive impact on communities Ms. Rahman assumes the role as CEO of InfraZamin Pakistan on 1 January 2021, subject to requisite approvals from the Securities & Exchange Commission of Pakistan (SECP).
Incorporated as a private limited company, InfraZamin will operate on a commercial basis guided by international best practices and local governance standards. Its Board of Directors will include representatives of InfraCo Asia Investments (through Indus Guarantees), Karandaaz, and GuarantCo.
