Bank Alfalah Limited has become the top financial institution in private banking sector which provided maximum lending facility to people belonging to different walks of life in NWFP.
"Within a limited period, Bank Alfalah has provided loans, both micro and macro, amounting to Rs six billion which is the biggest amount of lending by a private bank in the province," said Mirza Naim Beg, Regional Manager Bank Alfalah NWFP. Talking to APP, he said these loans were provided to industrialists, traders, farmers, government servants and students.
However, maximum share was extended to SME sector. Mirza Naim Beg said Bank Alfalah has modified banking in NWFP by opening branches in those areas of the provinces where no private bank had extended the facility during the last 60 years.
"We have opened our branches in areas like Chitral, Mansehra and Swat where no private bank has opened its offices. The bank also enjoys the distinction of opening maximum number of branches in NWFP and has so far set up 16 offices in different parts of the province", he said.
He said the bank has recently made an understanding with Sarhad Hydle Development Organisation (SHYDO) for provision of Rs 1.2 billion loan on easy terms for generation of hydel power in the province. Bank Alfalah and SHYDO will soon sign a MoU in regard with provision of loan, he apprised.
According to agreement, he said, SHYDO will utilise this amount on Malakand III project which is already completed but was delayed due to some financial constraints. The input of the amount provided by Bank Alfalah will expedite generation of hydel power from Malakand III project, he said.
He said SHYDO has pointed out a number of potential and feasible sites for hydel power generation and Bank Alfalah will extend its funding as loans for making these projects practicable.
Presently, he said, Bank Alfalah has released an amount of Rs 290 million to SHYDO while the remaining amount of Rs 910 million would be provided after signing of the MoU. The Malakand III project, he said, after initiation would generate about 81.69 mega watt of electricity.
Naim Baig said Bank Alfalah also assists NWFP government in wheat purchase and provides a loan of around Rs 700 m on short term basis. Similarly, the bank is also making a deal with PESCO under which the company will get loan in billions of rupees.