Nestlé partners with Seed Out in micro financing project
Lahore: In line with its commitment to promote economic empowerment, Nestlé Pakistan partnered with Seed Out by signing a Memorandum of Understanding (MoU) which will focus on promoting female entrepreneurs in semi-urban areas of Pakistan.
This is also in complete alignment with United Nations (UN) Sustainable Development Goal (SDG) number 1 which focuses on ending poverty in all its form by creating more venture for employment generation.
Under this agreement, Seed Out will take the initiative of setting up NESTLÉ’s “NESCAFÉ Dhaba Project” in Muridke and Sadhoki. This will be a micro-finance project sponsored by Nestlé Pakistan which will help women set up Dhabas by giving them small loans. The repayment amount from this project will be put in the Nestlé Pakistan’s revolving fund and upon completion of the project, the amount will be used to raise new entrepreneurs, therefore, continuing relationship between Nestlé and Seed Out in the long run.
On signing of the MoU, Waqar Ahmad, Head of Corporate Affairs commented: “Nestlé Pakistan believes that women empowerment is key to boosting economic growth in Pakistan. We are looking for a long term impact by making a difference in rural areas. Research has shown support for women in entrepreneurship has been steadily on the rise across startup ecosystems worldwide, this trend can work wonders in Pakistan since women comprise 50 percent of our population.”
Zain Ashraf, President of Seed Out, who has recently received the 2018 Commonwealth Youth Award, said: “I am extremely excited about this partnership and really thankful to Nestlé Pakistan for believing in our cause and sponsoring our entrepreneurs. This is another milestone that we have reached where we encourage women empowerment.”
Nestlé Pakistan joined hands with Seed Out as it is a not-for-profit crowdfunding platform with the vision of poverty alleviation from Pakistan. Seed Out raises micro entrepreneurs by in-kind sponsorship through interest free loans to set up their business and engage in sustainable economic activity.