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
Islamabad, Tehran to extend electricity supply agreement for Pakistan’s southwest
- Tariffs to remain between 7.7–11.45 cents/kWh as Islamabad seeks stability for energy-short border regions
- Iran currently powers Gwadar and other border towns where Pakistan’s national grid remains limited
ISLAMABAD: Pakistan and Iran have agreed to extend their cross-border electricity supply pact for the southwestern province of Balochistan, maintaining tariffs between 7.7 and 11.45 cents per kilowatt-hour, Pakistan’s energy ministry said on Tuesday.
The deal, first signed in 2002, underpins energy security for parts of southwestern Pakistan where the national grid remains underdeveloped and erratic supply has hampered both industry and residential consumption. Coastal towns like Gwadar and nearby Mand Town in Balochistan have for years relied on imported Iranian power as connectivity with Pakistan’s main transmission network is incomplete and local generation insufficient.
Iran currently exports 100 megawatts of electricity to Gwadar under a March 2023 agreement and could scale up deliveries once additional infrastructure is operational. In May 2023, Prime Minister Shehbaz Sharif and Iranian President Ebrahim Raisi jointly inaugurated the Polan–Gabd transmission line to enable another 100 MW of supply.
Energy ministry spokesperson Zafar Yab Khan confirmed the extension of the deal, saying it had been moved forward between the two governments.
“Yes, it is correct,” he told Arab News, adding that the revised agreement was expected to be placed before Pakistan’s Economic Coordination Committee (ECC).
However, the ECC, Pakistan’s top economic decision-making forum, did not take up the extension in its meeting on Tuesday.
Power trade between Iran and Pakistan has expanded gradually over two decades, with tariffs negotiated periodically to reflect fuel costs and cross-border infrastructure upgrades. In August 2023, the ECC approved amendments to a separate contract extending a 104-MW supply from Iran’s Jakigur district into Pakistan’s Mand town through December 2024.
Gwadar, a key node in the China-Pakistan Economic Corridor (CPEC), is expected to remain dependent on imported electricity until new domestic lines are completed, making continued Iranian supply critical for industries, port operations and basic household demand.
