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, seven Muslim nations back Palestinian technocratic body, stress Gaza-West Bank unity
- The National Committee for the Administration of the Gaza Strip was announced on January 14
- Muslim nations call for consolidation of the ceasefire and unimpeded humanitarian aid into Gaza
ISLAMABAD: Pakistan and seven other Muslim-majority countries on Thursday welcomed the formation of a temporary Palestinian technocratic body to administer Gaza, stressing that it must manage daily civilian affairs while preserving the institutional and territorial link between the Gaza Strip and the West Bank amid the ongoing peace efforts.
In a joint statement, the foreign ministers of Pakistan, Egypt, Jordan, Saudi Arabia, Qatar, Türkiye, Indonesia and the United Arab Emirates said the newly announced National Committee for the Administration of the Gaza Strip would play a central role during the second phase of a broader peace plan aimed at ending the war and paving the way for Palestinian self-governance.
“The Ministers emphasize the importance of the National Committee commencing its duties in managing the day-to-day affairs of the people of Gaza, while preserving the institutional and territorial link between the West Bank and the Gaza Strip, ensuring the unity of Gaza, and rejecting any attempts to divide it,” the statement said.
The committee, announced on Jan. 14, is a temporary transitional body established under United Nations Security Council Resolution 2803 and is to operate in coordination with the Palestinian Authority, the ministers said.
The statement said the move forms part of the second phase of US President Donald Trump’s Comprehensive Peace Plan for Gaza, which the ministers said they supported, praising Trump’s efforts to end the war, ensure the withdrawal of Israeli forces and prevent the annexation of the occupied West Bank.
The top leaders of all eight Muslim countries attended a meeting with Trump in New York last September, shortly before he unveiled the Gaza peace plan.
The ministers also called for the consolidation of the ceasefire, unimpeded humanitarian aid into Gaza, early recovery and reconstruction and the eventual return of the Palestinian Authority to administer the territory, leading to a just and sustainable peace based on UN resolutions and a two-state solution on pre-1967 lines with East Jerusalem as the Palestinian capital.
