ISLAMABAD: The French government’s development arm has entered into a “landmark partnership” with Pakistani financial companies to support small women-led businesses and green technologies in the country, a statement announced on Tuesday, describing it as the first credit risk guarantee offered by the French entity in Pakistan.
Established in 1977, Proparco provides financing to businesses in developing and emerging economies and has partnered with Pakistan’s financial services companies Karandaaz and Parwaaz to support small and medium-sized businesses (SMEs).
The partnership was announced at a signing ceremony in Islamabad, which included a panel discussion on mechanisms to strengthen gender and climate finance. The event brought together experts and stakeholders to discuss challenges and opportunities in both areas.
“Proparco, Karandaaz Pakistan and Parwaaz Financial Services Limited (PFSL) have entered into a landmark partnership to support small business finance in Pakistan,” Karandaaz said in a statement on Tuesday. “This is the first credit risk guarantee offered by Proparco in Pakistan.”
It mentioned that Karandaaz had allocated over $4.3 million to finance around 90 SMEs under existing programs.
The statement said the partnership with Proparco will make it possible to expand credit access to small businesses.
“It’s one of the priority result areas for [Karandaaz] to grow financing of women-led businesses and help scaling of innovative green technologies,” the organization’s chief executive officer, Waqas ul Hasan, said. “We are thrilled that Proparco will be a partner in our journey. We will keep looking for more opportunities for such partnerships which further our mission.”
The statement also quoted the French deputy head of mission, Guillaume Dabouis, as saying that his country’s embassy was proud to support the partnership between Proparco and Karandaaz, adding it aligned “with our commitment to fostering sustainable economic development and gender equality in Pakistan.”
Proparco South Asia Regional Director Diane Jegam described the partnership as a powerful step toward unlocking the potential of Pakistani SMEs, especially those led by women and focusing on climate action.
“By bridging the financing gap, we are empowering entrepreneurs to drive sustainable growth and create a more inclusive and resilient future for all,” she said.
French government development arm partners with Pakistan firms to boost gender, climate finance
https://arab.news/22t3s
French government development arm partners with Pakistan firms to boost gender, climate finance
- Proparco partners with Karandaaz and Parwaaz to support women-led initiatives focusing on climate action
- Karandaaz says the partnership will help expand financing after allocating over $4.3 million to nearly 90 SMEs
Two Pakistani men indicted in $10 million Medicare fraud scheme in Chicago
- Prosecutors say defendants billed Medicare and private insurers for nonexistent services
- Authorities say millions of dollars in proceeds were laundered and transferred to Pakistan
ISLAMABAD: Two Pakistani nationals have been indicted in Chicago for allegedly participating in a $10 million health care fraud scheme that targeted Medicare and private insurers, the US Justice Department said on Thursday.
A federal grand jury charged Burhan Mirza, 31, who resided in Pakistan, and Kashif Iqbal, 48, who lived in Texas, with submitting fraudulent claims for medical services and equipment that were never provided, according to an indictment filed in the US District Court for the Northern District of Illinois.
Medicare is the US federal health insurance program primarily serving Americans aged 65 and older, as well as certain younger people with disabilities.
“Rooting out fraud is a priority for this Justice Department, and these defendants allegedly billed millions of dollars from Medicare and laundered the proceeds to Pakistan,” Deputy Attorney General Todd Blanche said in a statement.
“These alleged criminals stole from a program designed to provide health care benefits to American seniors and the disabled, not line the pockets of foreign fraudsters,” he added. “We will not tolerate these schemes that divert taxpayer dollars to criminals.”
Prosecutors said that in 2023 and 2024, the defendants and their alleged co-conspirators used nominee-owned laboratories and durable medical equipment providers to bill Medicare and private health benefit programs for nonexistent services.
According to the indictment, Mirza obtained identifying information of individuals, providers and insurers without their knowledge and used it to support fraudulent claims submitted on behalf of shell companies. Iqbal was allegedly linked to several durable medical equipment providers that filed false claims and is accused of laundering proceeds and coordinating transfers of funds to Pakistan.
Mirza faces 12 counts of health care fraud and five counts of money laundering. Iqbal is charged with 12 counts of health care fraud, six counts of money laundering and one count of making a false statement to US law enforcement. Arraignments have not yet been scheduled.
Three additional defendants, including an Indian, previously charged in the investigation, have pleaded guilty to federal health care fraud charges and are awaiting sentencing.
An indictment contains allegations, and the defendants are presumed innocent unless proven guilty in court.
