PMIC-KFW Renewable Energy Initiative through Microfinance (PRIME)
Pakistan Microfinance Investment Company (PMIC) and German Development Bank – KFW implements a program in Pakistan that aims to support the financing of quality Pico PV and Solar Home Systems for households in poor grid and off-grid locations in the rural and peri-urban areas of Pakistan. It will enable a responsible financing mechanism by lending to its microfinance partners, building their capacity and strengthening their assessment of energy needs. An amount of Euro 15 million is earmarked for on lending to MFIs ensuring delivery of a responsible financing mechanism.
The program’s focus areas are:
Pre-qualify solar suppliers & products; set & enforce quality standards for solar products & services.
Assist MFIs in designing consumer loan product; formalize MFP-qualified solar supplier relationships & support smooth collaboration;
Provide trainings to MFP’s credit officers and qualified solar supplier’s sales agents to equip them with the required product knowledge and refine their sales skills.
Raise awareness among rural households and in MFP branches to ensure uptake of quality certified solar products & microfinance;
Provide technical guidance to environmental improvement on battery and electronic waste recycling support
At present, 06 partner Microfinance providers are implementing the program through 11 qualified solar suppliers. PMIC provides funds for on-lending as well as necessary technical assistance to the partner Microfinance Providers. MFIs select customers, extend loans and the qualified solar suppliers install the solar systems and provide after sale services.