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
https://arab.news/4h8nd
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
Australia says father and son carried out Sydney beach attack as Pakistan condemns violence
- Australian authorities say at least 15 people were killed in the shooting, including a 10-year-old girl
- Pakistan says it stands in solidarity with Australia, condemns terrorism in all forms and manifestations
ISLAMABAD: Australian authorities said on Monday a father and son carried out a mass shooting at Sydney’s Bondi Beach during a Jewish festival, as Pakistan expressed solidarity with Australia and condemned the attack that claimed at least 15 lives.
Police said the 50-year-old father was shot dead at the scene while his 24-year-old son was wounded and taken into custody after the gunmen opened fire on crowds gathered for a Hanukkah celebration at the popular beach.
“We want to get to the bottom of this,” New South Wales police commissioner Mal Lanyon said on Monday. “We want to understand the motives behind it.”
A 10-year-old girl was among the 15 dead in Australia’s worst mass shooting for almost 30 years, while 42 more were rushed to hospital with gunshot wounds and other injuries.
Pakistan’s government said it stood with Australia following the shooting, reiterating its opposition to such incidents amid renewed militant violence at home.
Prime Minister Shehbaz Sharif expressed condolences to the victims and said Pakistan condemned “terrorism in all its forms and manifestations.”
President Asif Ali Zardari also conveyed sympathy to the victims’ families and wished the injured a speedy recovery.
“Pakistan itself a victim of terrorism, stands in solidarity with & condemns violence against innocent civilians,” he said.
Pakistan has faced a resurgence in militant attacks in recent months, particularly in its northwest. On Sunday, Sharif praised security forces after they killed 13 militants in two separate operations in the Mohmand and Bannu districts, according to a statement from his office.
Australian police said the attackers fired from a raised boardwalk overlooking the beach, sending people fleeing in panic. Authorities later discovered what they described as an improvised explosive device in a vehicle parked near the scene, which they believe was linked to the attackers.
Prime Minister Anthony Albanese said tougher gun controls may be needed, including limits on the number of firearms an individual can own, after police confirmed the father held licenses for six weapons believed to have been used in the attack.
Mass shootings have been rare in Australia since sweeping gun law reforms were introduced after the 1996 Port Arthur massacre, but Albanese said the latest attack required authorities to reassess whether existing controls remained sufficient.
With input from AFP
