The Acumen Fund has invested $11 million in nine different sectors for poverty alleviation in Pakistan. "The Fund started its investment in Pakistan in 2006 with an initial investment of $1 million, which has now increased to $11 million in 2010", Zubyr Soomro, chairman of Acumen Fund Pakistan Advisory Council, said at the Acumen Fund Community Annual Gathering 2010 at a hotel here on Saturday.
He spoke about his personal journey with the Acumen Fund, and the inspiration to support sustainable enterprises that preserve the dignity of the poor, instead of traditional forms of aid. The Acumen Fund Pakistan Country Director, Aun Rahman, spoke about using investment funds like Acumen to provide capital to high-risk social enterprises, which are providing critical goods and services to the poor. He also shared examples of excellence in social entrepreneurship, including Jasser Farms from Narowal - an enterprise aiming to change the rural landscape through affordable artificial insemination using ground breaking technology in Pakistan.
Dr Ishrat Hussain, Dean and Director of Institute of Business Administration (IBA) spoke about the role of social entrepreneurship in the broader development context of Pakistan. Acumen Fund Portfolio Manager Ahmed Arif spoke about Acumen's newest investments in Pakistan, highlighting the innovative Pharmagen Health Limited which is providing top quality clean drinking water at Rs 1.5 per litre, innovatively cutting costs of packaging and distribution to make the product affordable to the poor.
Although Acumen Fund does not deal with disaster management and relief operations, it dedicated an hour to discussing the aftermath of the flood. This was done through a panel discussion on flood rehabilitation with eminent speakers from the development sphere such as Dr Sono Khangarani (Sindh Rural Support Organisation), Dr Ahsan Jamib (Aman Foundation), Dr Rashid Bajwa (National Rural Support Program), and Ali Siddiqui (Mahvish and Jahangir Siddiqui Foundation).
Awards were given out to one nominated individual from each of these organisations who had worked passionately to serve the people of Pakistan on the ground in the flood affected areas. Acumen Fund Business Manager Saima Irtiza introduced the Acumen Fund Global Fellowship Program, which is a means of investing in leadership. Each year, 10 fellows are selected from all over the world. They are trained in New York. Zaffar Khan, member of the Board of Directors and Advisor to Acumen Fund, also spoke on Acumen Fund investments and the Acumen team, and highlighted the power of patient capital.
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