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Aga Khan Fund for Economic Development AN AGENCY OF THE AGA KHAN DEVELOPMENT NETWORK THE IMAMAT AGA KHAN DEVELOPMENT NETWORK ECONOMIC DEVELOPMENT SOCIAL DEVELOPMENT CULTURE AGA KHAN FUND FOR AGA KHAN AGENCY AGA KHAN AGA KHAN UNIVERSITY OF AGA KHAN TRUST ECONOMIC DEVELOPMENT FOR MICROFINANCE FOUNDATION UNIVERSITY CENTRAL ASIA FOR CULTURE TOURISM PROMOTION INDUSTRIAL PROMOTION AGA KHAN EDUCATION SERVICES AGA KHAN AWARD HISTORIC CITIES SERVICES SERVICES FOR ARCHITECTURE SUPPORT PROGRAMME AGA KHAN HEALTH SERVICES FINANCIAL AVIATION MEDIA AGA KHAN PLANNING AND EDUCATION AND SERVICES SERVICES SERVICES BUILDING SERVICES CULTURE PROGRAMME The Aga Khan Development Network (AKDN) is a group of private, international, non-denominational agencies working to improve living conditions and opportunities for people of all origins and faiths in specific regions of the developing world.The Network’s agencies have individual mandates that range from health and education to architecture, rural development, culture and the promotion of private-sector enterprise. They collaborate in working toward a common goal - to build institutions and programmes that improve the quality of life for populations in need while helping people respond to social, economic and cultural change. For more information and for the most recent developments, visit the Network’s website at: www.akdn.org. Aga Khan Fund for Economic Development A US$ 27-million investment by AKFED and other agencies will boost the supply of affordable hydroelectric energy in eastern Tajikistan, especially during the critical winter months. It provides an alternative to the burning of wood, which has led to wide-scale deforestation. Contents 04 AKFED’s Approach to Development 08 Working in Concert with the Aga Khan Development Network 10 Financial Services – Origins – Banking – Insurance – Property Development 14 Tourism Development – Origins – Culture – Environment – Human Resources 18 Industry and Infrastructure – Origins – Food and Agro-Processing – Printing and Packaging and other Manufacturing – Infrastructure – Energy – Telecommunications 22 Media Services – Origins – Newspapers and Publishing – Radio and Television 23 Aviation Services 24 Activities by Country 28 Partners 3 AKFED’s Approach to Development The Aga Khan Fund for Economic allows AKFED to take a “hands-on” approach Development (AKFED) is an international through the provision of managerial and development agency dedicated to promoting technical expertise.AKFED also works with private initiative and building economically governments to help promote the creation of sound enterprises in the developing world. For enabling legal and fiscal structures that more than 50 years, it has made investments encourage the growth of the private sector. and operated companies in the developing AKFED makes bold but calculated investments nations of Africa, South Asia and Central Asia. in situations that are fragile and complex, often AKFED often works in collaboration with assisting in rehabilitation and confidence local and international development partners building in economies that have suffered from to create and operate companies that provide civil conflict or war. goods and services essential to economic At the invitation of several governments, development.These range from banking to AKFED has helped critical industries to make electric power, agricultural processing, hotels, the transition to market economies through airlines and telecommunications. the privatisation process. These include AKFED is focused on building enterprises industries such as banking, power generation, in parts of the world that lack sufficient tourism, manufacturing and the agricultural foreign direct investment. Profits generated sector, in countries as varied as Uganda, by the Fund are reinvested in other Tajikistan, Pakistan and Afghanistan. economic development initiatives under In Kabul,AKFED’s Tourism Promotion the AKFED umbrella. Services Ltd. rebuilt a hotel severely damaged AKFED’s economic development activities are by war. It now is the five-star Kabul Serena intended to be complementary to the social Hotel, part of the AKFED-controlled Serena and cultural objectives and programmes of the chain, a vitally-needed facility for hosting Aga Khan Development Network (AKDN). business, government and other visitors from This ethical framework guides AKFED’s around the world. In Burkina Faso, investment decisions and its operations. AKFED holds a majority position in the AKFED seeks to create profitable, sustainable former government-owned Air Burkina and enterprises through long-term investments that is modernising its fleet and expanding result in strong equity positions.This in turn its services. Banking: Habib Bank, the second largest Agricultural Services: The Frigoken Ltd. plant bank in Pakistan. in Nairobi processes green beans grown by 25,000 Kenya bean farmers for export to European markets. 4 AKFED is an international development agency that makes long-term investments in developing countries with the aim of promoting entrepreneurial activity and building profitable enterprises. AKFED invests in Although many of AKFED’s financial services and manages companies in five companies were created more than 50 years ago broad sectors: industry and to serve the needs of the Shia Ismaili Muslim infrastructure, tourism development, financial services, community, the scope of these institutions has aviation and media. expanded considerably to serve the general population of the communities where Investments in industry and infrastructure are managed they operate. through locally incorporated Since that time, new sectors of activity have Industrial Promotion Services companies that provide venture been launched in the developing world in the capital, management services and areas of industry, tourism development, technical support. Companies in infrastructure, media and aviation.These this sector include food and activities were grouped under a single umbrella agro-processing, printing and packaging, specialised textiles, in 1984 when AKFED was formed, allowing all telecommunications and entities to be guided by a common development power generation. ethic and to benefit from the synergies of a Tourism Promotion Services strategic management infrastructure. companies build and manage hotels and lodges that contribute AKFED operates as a network of affiliates to economic growth in an with more than 90 separate project companies environmentally and culturally employing more than 30,000 people, with sensitive manner. annual revenues in excess of US$ 1.5 billion. Financial services include banks, AKFED is active in 16 countries in the insurance companies and property developing world:Afghanistan, Bangladesh, management companies. Burkina Faso, the Democratic Republic of the Media investments include the Congo, India, Ivory Coast, Kenya, Kyrgyz publishing of newspapers as well Republic, Mali, Mozambique, Pakistan, Senegal, as the operation of radio and television stations. Syria,Tajikistan,Tanzania and Uganda.There are also affiliates in Canada that provide resources Aviation includes commercial airline operations and support and technical support to AKFED’s activities in services. the developing world. Tourism: Serena Hotel in Quetta, Pakistan, Aviation: Celestair, the regional airline, Media: A newscast from Kenya’s provides tourism and business facilities in connects a growing number of underserved NTV, part of the regional Nation an underserved regional centre. destinations in West Africa. Media Group. 5 AKFED’s activities include 90 separate project companies employing more than 30,000 people with annual revenues in excess of US$ 1.5 billion. The Fund is active in 16 countries in the developing world: Afghanistan, Bangladesh, Burkina Faso, Democratic Republic of the Congo, India, Ivory Coast, Kenya, Kyrgyz Republic, Mali, Mozambique, Pakistan, Senegal, Syria,Tajikistan, Tanzania and Uganda. AKFED’s approach emphasises the development of local human resources over time, including managerial, technical, marketing and financial skills. Other characteristics of this approach include: ½ providing essential seed capital to launch projects in those sectors and countries where attracting investment is difficult, ½ taking a long-term view in order to build viable, self-sustaining and profitable companies, ½ participating in the management of companies in which it invests with the aim of preparing companies for broader ownership, thus bringing the benefits of economic development to a wider local population, ½ encouraging the development of local capital markets by floating its companies on India national stock exchanges in Africa and Asia, Development Credit Bank (DCB) of India is one of a range of banks, insurance companies, property owning and management ½ developing local human resources with the companies developed by AKFED in Africa and Asia. objective of building local management ability at all levels and creating more ½ helping to foster a sound and socially employment opportunities in higher-skilled responsible private sector in the segments of the economy, developing world through the impact of ½ helping make the programmes of its investments on individuals and on the international development agencies physical environment, more effective by acting as a bridge to ½ integrating innovative social development entrepreneurs, providing agencies with initiatives into its entrepreneurial activities knowledge of local conditions and customs, to promote the well-being
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