HBL Pioneers Agriculture Financing with Rs 1 Billion Solar Tube Well Funding

In a significant move, HBL has set a noteworthy industry benchmark by providing Rs 1 billion in financing for solar tube wells. This initiative aims to make capital-intensive technologies more accessible and cost-effective for farmers, aligning with HBL’s commitment to sustainable and climate-smart agriculture. The funding facilitates easy and swift credit access for farmers through the bank’s extensive rural network. This milestone supports the Aga Khan Development Network’s Net Zero Goal of 2030.

As a signatory of Principles of Responsible Banking (PRB) and the Net Zero Banking Alliance (NZBA), HBL is dedicated to promoting renewable energy sources in agriculture and reducing carbon emissions by minimizing the use of fossil fuels. Solarizing tube wells emerges as a cost-effective solution, ensuring timely irrigation water supply in the right quantity. These technologies contribute significantly to lowering production costs and enhancing farm productivity, resulting in increased profit margins.

Aamir Kureshi, Head Consumer, Agriculture & SME Banking, emphasized HBL’s leadership in agriculture financing among commercial banks. He highlighted the bank’s active collaboration with farmers across the agricultural landscape, providing timely financial services to achieve mutual goals of improved crop yields and enhanced farm productivity. Kureshi expressed confidence that this commitment will contribute to ensuring food security and prosperity for farming communities, emphasizing HBL’s dedication to supporting the agriculture sector through technology and innovative financial solutions.

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