KARACHI: Bank Alfalah, one of the leading Pakistani commercial and digital banks, on Monday announced the launch of the country’s first digital agriculture financing product, aimed at empowering small-scale farmers and entrepreneurs in the agriculture sector.
The innovative product allows customers to avail dairy and equipment financing through a seamless digital process, and marks a significant milestone in Pakistan’s financial landscape, according to the bank.
The initiative aims to provide potential farming citizens with access to subsidized financing at a rate of 2 percent and enable them to establish sustainable income streams and contribute to the nation’s economic development.
The beneficiaries of the initiative included individuals from various distantly scaled areas, especially flood-affected areas of Sindh, representing both genders and diverse segments of the agricultural community, Bank Alfalah said in a statement.
“Pakistan’s First Digital Agriculture Financing product has already made significant strides in empowering rural communities, particularly in the dairy sector, surpassing disbursement of over PKR 100 million, the financing has facilitated the procurement of animals, with a remarkable 333 animals acquired so far,” the statement read.
“Female participation in this endeavour is significant, accounting for 24 percent of the total customers. As all proceeds have been dedicated to ‘Dairy Financing,’ it showcases the focused effort to uplift small-scale farmers in Pakistan and encourage sustainable Agricultural practices.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
Muhammad Yahya Khan, chief digital officer of Bank Alfalah, said the introduction of the product signified their dedication to empowering the agriculture sector and promoting financial inclusion in Pakistan.
“We are committed to ensuring that small-scale farmers always have access to financial services,” he said. “Through swift, cost-effective, and user-friendly financing solutions, our goal is to empower small-scale farmers and the broader agriculture industry to boost productivity, enhance livelihoods, and contribute to the growth of Pakistan’s economy.”
Pakistani bank launches country’s first digital agriculture financing product
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Pakistani bank launches country’s first digital agriculture financing product
- Agriculture accounts for almost a quarter of Pakistan’s GDP and half of the employed labor force
- The initiative aims to provide potential farming citizens with access to subsidized financing at 2 percent
Pakistan president eyes strengthening trade, investment, tourism cooperation during Iraq visit
- President Asif Ali Zardari arrived in Baghdad on Saturday for four-day visit aimed to bolster bilateral ties
- Zardari, Iraqi leaders to discuss ways to strengthen cooperation in energy, manpower, technology and education
ISLAMABAD: President Asif Ali Zardari is in Iraq for a four-day visit where he will review bilateral ties and hold meetings with the country’s leadership to strengthen cooperation in trade, investment, religious tourism and energy as well as other sectors, state-run media said this week.
Zardari arrived in Baghdad on a four-day trip on Saturday where he was received by the country’s Culture Minister Dr. Ahmed Fakkak Al-Badrani.
Pakistan and Iraq established diplomatic relations in 1947 and have traditionally maintained cordial ties, though commercial links remain modest, with officials and business groups identifying scope for cooperation in construction services, pharmaceuticals, manpower and agricultural exports.
“During the visit, President Asif Ali Zardari will hold high-level meetings with the Iraqi leadership, during which all aspects of bilateral relations will be reviewed,” state broadcaster Pakistan Television reported on Saturday.
“The meetings will consider ways to further strengthen cooperation in key areas of mutual interest, including trade, investment, energy, reconstruction, manpower, technology, education, and people-to-people contacts.”
It said both sides are also expected to discuss regional and international issues, including cooperation at multilateral forums.
“The president’s visit is expected to further strengthen friendly relations between Pakistan and Iraq, explore new avenues of partnership, and promote people-to-people ties, particularly religious tourism and economic cooperation,” PTV said.
Earlier this month, Pakistan’s Interior Minister Mohsin Naqvi met his Iraqi counterpart, Abdul Ameer Al-Shammari, on the sidelines of meetings in Brussels, where both sides agreed to enhance cooperation on security and facilitate travel for Pakistani Shia pilgrims to Najaf and Karbala.
The two officials discussed measures to ensure the smoother movement of these pilgrims and their compliance with visa regulations.
