Bank Alfalah and Engro Fertilizers have signed an agreement as part of the Agri Value Chain Financing Program for the current Kharif season, a statement said on Tuesday.
The seasonal facility will be available for the growers registered with Engro Fertilizers in the project “Rahbar” and will benefit the farmers of selected districts of Sindh and Punjab, it added.
Nauman Ansari, president and CEO of Bank Alfalah, and Ruhail Mohammed, CEO of Engro Fertilizers Ltd, signed the strategic partnership. The project will provide farmers with an end-to-end solution to subsistence and economic levels holding, the statement said.
Speaking on the occasion, Nauman Ansari said,
This is the first step of a unique private sector partnership that will go a long way in providing the fruits of subsistence to the Pakistani farmer. Bank Alfalah is dedicated to helping our agrarian sector combat the challenges of seasonal financing, and this is why we have partnered with Engro to help start this change.
Ruhail Muhammad, CEO Engro Fertilizers, also spoke about the collaboration, saying,
We are passionate about transforming the agricultural landscape of Pakistan and helping our farmers grow, and towards this end, the obsolete farming techniques and low yields of agricultural produce prevalent in Pakistan were an opportunity worth exploring.
The unique business model will allow for farm advisory, timely supply of quality inputs, crop monitoring, farm support, market linkages and access to affordable formal finance. The program includes branchless banking services and clean lending facilities.