ISLAMABAD, PAKISTAN: HBL Microfinance Bank (HBL MfB) has announced its partnership with Special Communications Organisation (SCO) to establish and operate the first-ever Software Technology Park (STP) in Skardu, Gilgit-Baltistan.
HBL Microfinance Bank has extended its support of Rs. 15 million to this cause.
The STP Skardu has shown promising results in its pilot launch phase, generating revenue of Rs. 2 million from IT companies operating from the STP and providing employment to 60 individuals. Both organisations are excited for the next phase to tap into its maximum potential.
This partnership is not the first stint between the two organizations as they continue to work together on other fronts as well. By extending this support, HBL MfB would like to usher in a new era of working with SCO for the betterment of the Gilgit Baltistan region.
As the Bank with the most active presence in the Gilgit Baltistan region, HBL MfB actively seeks out opportunities to support local communities and play a role in improving their livelihoods.
“We are delighted to partner with SCO in establishing the first-ever Software Technology Park in Skardu. We believe this initiative will not only boost the IT industry in the region but also create job opportunities for the local population, and we look forward to playing a role in this regard,” said Muhammad Amir Khan, CEO & President, HBL Microfinance Bank.
SCO has played a significant role in connecting the country’s northern region and supporting the local population.
“We are delighted to partner with HBL Microfinance Bank to establish and operate the first-ever Software Technology Park of Skardu. This partnership represents a significant step towards promoting the technology sector in Pakistan’s northern region and supporting local communities through increased employment opportunities. The success of the pilot launch phase of STP Skardu has been encouraging, and we are confident that with HBL MfB’s support, we can unlock its maximum potential,” said Major General Muhammad Shahid Siddeeq, Director General, SCO.
This partnership is a significant milestone for both HBL Microfinance Bank and SCO, and it highlights their shared commitment to the development of the region.
HBL Microfinance Bank Ltd, Pakistan was established in 2002 as the first private sector microfinance bank, licensed by the State Bank of Pakistan. HBL MfB was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Program (AKRSP), an integrated development program to pioneer the microfinance sector in the country, operating since 1982 in Gilgit-Baltistan and Chitral.
HBL MfB was established with the mission to respond to poverty and contributes to the social and economic well-being of society by providing opportunities to thousands of under-privileged households. Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, HBL MfB enables its clients to strengthen their entrepreneurial base and build financial, physical and human capital to secure their future.