K-Electric (KE) has been honoured with the prestigious FT/IFC Transformational Business Award for exceptional achievement in Project Finance - Energy. KE became the only company in the energy sector to have won the international award recognizing KE's financial achievements in the field. KE CFO, Mr. Moonis Alvi received the award at the award ceremony held at a hotel in London.
The Financial Times and IFC (a member of the World Bank Group) Transformational Business Awards, an expansion of the FT/IFC Sustainable Finance Awards highlighted innovative, commercially viable, and replicable products and services that can create long-term, transformative solutions to development needs. Such needs lie in areas such as infrastructure, energy, food, water, affordable housing and health. The awards also recognized the use of technology to empower the poor, initiatives to reverse environmental and social degradation, and efforts to promote gender diversity. The program in its first year attracted 237 entries from 214 institutions in 61 countries.
Speaking on the occasion, Mr. Alvi said, "I am greatly overwhelmed to receive this esteemed award from IFC and grateful to the jury for recognizing KE's achievement in the energy sector. KE has come a long way from being a loss making institution to a privatized profitable venture that has become one of the most successful turnarounds in the history of Pakistan. The company transformed itself competently by not only becoming profitable but also increasing the capacity of electricity generation and establishing a more efficient electricity transmission system."
"The winners list shows us that businesses in developing countries are driving innovation and that the private sector is increasingly focused on projects that can have a long-term impact," said IFC Executive Vice President and CEO Jin-Yong Cai. "The awards give companies a global platform to showcase their work, expand into new markets, and demonstrate that the toughest issues in developing countries can be addressed in sustainable and profitable ways."
The award winning by KE is not something to be proud of only for KE, but for Pakistan. The award was organized by the leading international financial institutes highlighting the credibility of the recognition. Awarded on its merits as a transaction with truly transformational social, economic, environmental and corporate governance benefits, KE continues to transform Pakistan's energy sector while positively enriching lives of over 23 million citizens of Karachi.