After more than four years of dedicated efforts, the “Accelerating Prosperity” project in Central and South Asia (AP Asia), funded by the European Union (EU) and implemented by Accelerating Prosperity (AP) by through the Aga Khan Foundation (AKF), has catalyzed entrepreneurship, transforming lives and businesses in Pakistan, Afghanistan, Kyrgyzstan and Tajikistan.
This groundbreaking initiative supported more than 2,800 entrepreneurs in 1,904 businesses, of which 29% were women-led and 41% were youth-led.
Supported companies contributed to the creation of 4,746 full-time equivalent jobs from 2020 to 2024, including 38% for women and 48% for young people. The project has made a significant contribution to improving equitable economic opportunities for women and youth in rural and urban areas of the four countries.
Created by the Aga Khan Foundation (AKF) and the Aga Khan Fund for Economic Development (AKFED), Accelerate Prosperity (AP) as an initiative empowers entrepreneurs through innovative business models, mentoring and access to financing, promoting sustainable development in its operational geographic areas. . The AP initiative has been driving the growth of entrepreneurship and small businesses in Central and South Asia since its inception in 2016.
Speaking about the project’s achievements, Jeroen Willems, Head of Cooperation of the EU Delegation to Pakistan, said: “Pakistan and countries in the region can count on many talented young entrepreneurs. They can create jobs, stimulate innovation and stimulate growth. It takes more than talent and brilliant ideas to turn start-ups into viable, successful businesses. This is where EU support comes in.”
“Through EU-funded programs like AP Asia, we can provide real momentum to unlock the full potential of start-ups by bringing together the talent and courage of young entrepreneurs with expertise and the provision of soft loans. A great example of being stronger together,” he added.
Akhtar Iqbal, CEO, AKF Pakistan, also highlighted the importance of such interventions in entrepreneurship saying, “Collaborations such as the AP Asia project, supported by the European Union, are essential to foster development sustainable economy in Central and South Asia. By facilitating access to essential resources, we not only create employment opportunities, but we also build resilient communities capable of driving long-term growth.
“AP Asia demonstrates the power of collaboration to foster entrepreneurship and sustainable development. We are proud to have supported more than 4,700 jobs during the duration of the project, of which 38% are occupied by women and 48% by young people,” he added.
AP Asia’s achievements were celebrated at the AP Asia broadcast event, which took place at a local hotel in Islamabad. This gathering brought together leading stakeholders – including entrepreneurs, investors, policymakers and development experts – to discuss innovative business solutions, regional trade and the future of entrepreneurial ecosystems in Central Asia and the South.
Entrepreneurs from Afghanistan, Pakistan, Kyrgyzstan and Tajikistan shared personal stories of growth and innovation, showcasing the transformative impact of AP Asia’s support.
A reverse panel discussion held during the event attracted audience attention as it highlighted the challenges and opportunities of developing startups in fragile economies. The Founders Circle session explored the experiences of women entrepreneurs in the entrepreneurship ecosystem and the importance of structured support for these business owners.
“With a growing, enterprising and young population in Central and South Asia, there is immense potential for the region to become a hub for trade and investment. Through AP Asia and with continued support from the EU, we are committed to unlocking this potential and creating opportunities for the young and intrepid to test their business ideas. said Najmuddin Najm, CEO of AKF Afghanistan.
AP Asia will explore future opportunities to replicate this successful model in other regions, promoting sustainable economic growth aligned with EU priorities.