ISLAMABAD: With over four years of dedicated effort, the Accelerate Prosperity in Central and South Asia (AP Asia) project – funded by the European Union (EU) and implemented by Accelerate Prosperity (AP) through the Aga Khan Foundation (AKF) has catalyzed entrepreneurship, transforming lives and businesses across Pakistan, Afghanistan, Kyrgyzstan, and Tajikistan.
This groundbreaking initiative has supported over 2,800 entrepreneurs across 1,904 businesses, with 29% women-led and 41% youth-led businesses. The supported businesses helped in creation of 4,746 full-time equivalent jobs from 2020 to 2024, with women constituting 38% and youth 48% of the jobs. The project has made significant contributions in enhancing equitable economic opportunities for women and youth in both rural and urban Afghanistan, Pakistan, Kyrgyzstan, and Tajikistan.
Established 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, mentorship, and access to finance, fostering sustainable development across its operational geographies. The AP initiative has been driving entrepreneurship and small business growth across Central and South Asia since its inception in 2016.
Speaking about the project’s achievements, Jeroen Willems, Head of Cooperation for the EU Delegation to Pakistan, said, “Pakistan and countries in the region can bank on a lot of talented young entrepreneurs. They can create jobs, drive innovation and spur growth. But it takes more than talent and bright ideas to transform start-ups into successful viable businesses. This is where EU support comes in. With EU funded programs like AP Asia, we can give a real push to unleash the full potential of start-ups by bringing together the talent and courage of young entrepreneurs with the expertise and provision of soft loans. An excellent example of being stronger together!!”
Akhtar Iqbal, CEO AKF Pakistan, also stressed on the importance of such entrepreneurship interventions saying, “Collaborations such as the AP Asia Project, supported by the European Union, are pivotal in fostering sustainable economic development across Central and South Asia. By empowering entrepreneurs and facilitating access to essential resources, we are not only creating employment opportunities but also building resilient communities capable of driving long-term growth. AP Asia is a testament to the power of collaboration in fostering entrepreneurship and sustainable development. We are proud to have supported over 4,700 jobs during the project’s tenure, with 38% held by women and 48% by youth.”
The achievements of AP Asia were celebrated at the AP Asia Dissemination Event, that took place at the Serena 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 and South Asia. 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 during the event captured the attention of the audiences as it highlighted the challenges and opportunities of scaling startups in fragile economies. The Founder’s Circle session explored experiences of female entrepreneurs in the entrepreneurship ecosystem and the importance of structured support for such business owners.
“With a growing, enterprising, and youthful population in Central and South Asia, there is an immense potential for the region to emerge as the hub for trade and investment. Through AP Asia and with continued EU support we are committed to unlocking this potential and creating opportunities for the young and intrepid to test their business ideas.” said Najmuddin Najm, CEO AKF Afghanistan.
AP Asia will explore future opportunities for replicating this successful model across other regions, promoting sustainable economic growth aligned with EU priorities.
