Habib Bank Limited (HBL) has set an industry benchmark by providing Rs 1 billion in financing for solar tube wells, revolutionizing access to capital-intensive agricultural technologies for farmers. This innovative facility ensures that farmers can adopt solar tube wells in an affordable and cost-effective manner, marking a major stride in HBL’s commitment to sustainable and climate-smart agriculture.
As a proud signatory of the Principles of Responsible Banking (PRB) and a member of the Net Zero Banking Alliance (NZBA), HBL is actively working towards promoting renewable energy sources in the agricultural ecosystem. The aim is to minimize carbon emissions by reducing reliance on fossil fuels. The solarization of tube wells emerges as a cost-effective solution, ensuring a timely and efficient supply of irrigation water. These technologies not only significantly lower production costs but also enhance farm productivity, leading to improved profit margins for farmers.
Aamir Kureshi, Head of Consumer, Agriculture & SME Banking, expressed,
“HBL is at the forefront of agricultural financing among commercial banks, actively partnering with farmers to provide timely financial services. This initiative contributes to achieving the shared goal of better crop yields and enhanced farm productivity, ensuring food security and prosperity for farming communities. HBL remains steadfast in supporting the agriculture sector through technological innovation and financial solutions.”
Farmers are now granted easy and swift access to credit through HBL’s extensive rural footprint, facilitating the adoption of eco-friendly practices in agriculture. This milestone aligns with HBL’s dedication to sustainable agriculture, in harmony with the Aga Khan Development Network’s (AKDN) Net Zero Goal of 2030.