ISLAMABAD: The United Kingdom through Karandaaz’s Risk Participation Facility with Meezan Bank is financing the development and production of a High Flow Nasal Oxygen (HFNO) device, which can also be used as a Continuous Positive Airway Pressure (CPAP) device, by Alsons Group, Pakistan’s premier precision engineering company.
Karandaaz, funded by the UK’s Office of Foreign, Commonwealth and Development Office (FCDO), has established a $50 million financing programme with Meezan Bank, which enables vendors and distributors of participating corporates and other eligible small and medium enterprises to get access to finance.
Annabel Gerry, Country Director Development, British High Commission in Pakistan, said: “Pakistan’s response to the Covid-19 challenge has been commendable. The United Kingdom is pleased to be supporting Pakistan in its effort to tackle the pandemic. Our financing assistance through Karandaaz to support breathing devices will be an important element in easing the burden of serious disease in the country.”
Ali Sarfraz, CEO of Karandaaz, said: “With more than 300,000 cases of Covid-19 in Pakistan and well over 25.6 million globally, the demand for breathing devices and ventilators has grown exponentially.”