Karandaaz Pakistan, in collaboration with the Karakoram Cooperative Bank Limited (KCBL) and the National Credit Guarantee Company Limited (NCGCL), has launched Samarkar (ثمرکار) – a first-of-its-kind de-risking facility aimed at expanding access to finance for women-led micro, small, and medium enterprises (MSMEs) in Gilgit-Baltistan (GB).
Derived from the words Samar (ثمر – meaning “fruit,” “reward,” or “outcome”) and Kar (کار – meaning “to do” or “enterprise”), Samarkar symbolises the “fruit of enterprise” – the tangible rewards of women’s effort, resilience, and contribution to Pakistan’s economy.
Gilgit-Baltistan hosts a growing base of micro and small enterprises across agriculture, handicrafts, tourism, and small-scale trade. However, access to formal finance remains limited, particularly for women entrepreneurs operating in informal or home-based settings. Despite their critical economic contributions, women in GB continue to face barriers in the form of limited financial literacy and minimal access to institutional credit.
Through this collaboration, KCBL, the largest cooperative bank in Gilgit-Baltistan with over 50 branches and 16,000 MSME borrowers, will mobilise financing for women-led small businesses. Karandaaz will strengthen this effort by providing a credit risk cover through NCGCL to de-risk lending to this underserved segment. The innovative financing structure of Samarkar blends market-based liquidity with concessional risk-sharing, allowing KCBL to extend affordable financing to women entrepreneurs, a segment the bank has not previously served at scale.
Beyond direct lending, the partnership will:
- Strengthen KCBL’s gender finance portfolio and identify small business clusters with growth potential.
- Establish a replicable risk-sharing template for gender-focused credit facilities in collaboration with NCGCL.
- Generate data-driven insights through impact monitoring to inform future financial inclusion policies and product design.
Speaking at the ceremony, Chief Secretary Gilgit-Baltistan, Abrar Ahmed Mirza, said: “Women in Gilgit-Baltistan play a crucial role in sustaining households and communities, yet their potential as entrepreneurs remains underutilised. Samarkar is a landmark initiative that brings the government, financial institutions, and development partners together to unlock inclusive growth where women are not just participants but drivers of regional prosperity.”
During the signing ceremony, Waqas ul Hasan, CEO Karandaaz Pakistan, shared that the collaboration reflects the organisation’s vision of inclusive growth through equitable access to finance. He added, “At Karandaaz, we believe inclusive growth begins with equitable access to finance. Samarkar is a step toward that vision, enabling women entrepreneurs in Gilgit-Baltistan to turn their ideas into enterprise and their enterprise into lasting impact.”
The agreement was signed alongside Maqsad Ali, CEO Karakoram Cooperative Bank Limited (KCBL), and Falak Raja, Company Secretary, National Credit Guarantee Company Limited (NCGCL).
Maqsad Ali, CEO Karakoram Cooperative Bank Limited (KCBL), highlighted the transformative role of financial inclusion in the region: “As the largest financial institution in Gilgit-Baltistan, KCBL is deeply rooted in the local community. Through Samarkar, we are extending our reach to women who have the ideas, skills, and ambition to grow but lack access to finance. This partnership enables us to support these entrepreneurs directly and inclusively, paving the way for stronger families, communities, and a more resilient local economy.”
Shumaila Rifaqat, Director Innovation Investments at Karandaaz Pakistan, emphasised the innovation behind the collaboration: “Through Samarkar, Karandaaz is deepening its commitment to expanding access to finance for women entrepreneurs who have long been excluded from formal financial systems. This collaboration unites public and private partners open new pathways for financial innovation, driving new approaches that make access to credit easier and help women-led businesses grow.”
Falak Raja, Company Secretary of the National Credit Guarantee Company Limited (NCGCL), discussed the importance of risk-sharing mechanisms in driving access to finance: “Guarantee programs like Samarkar are designed to unlock credit for segments that the traditional financial system has often overlooked. By sharing risk with lenders, we build confidence to lend and open the door for women entrepreneurs to access the capital they need. We are proud to play our part in translating inclusive finance into measurable economic growth.”
With this collaboration, Karandaaz, KCBL, and NCGCL aim to create a scalable model for gender-focused financing that can be replicated across Pakistan, enabling women entrepreneurs to drive local economic transformation and inspire many more to do the same.
