Bank Alfalah and Engro Fertilizers signed an agreement as part of the Agri value Chain Financing Program for the current Kharif Season. 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. Nauman Ansari, President and CEO of Bank Alfalah and Ruhail Mohammed, CEO, Engro Fertilizers Limited signed this strategic partnership.
The project will provide farmers with an end to end solution to mostly belonging to subsistence and economic levels holding. 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. The Technological and Financial Interventions are aimed at enhanced productivity with post-harvest marketing support and financial inclusion of the unbanked rural populations.
The ceremony was held in Karachi and attended by senior management of both of the organizations. 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.
This strategic partnership between Bank Alfalah and Engro Fertilizers will go a long way in building value preposition for the Agri Sector. "Rahbar" is a successful pilot program which has penetrated well and we intend to capitalize this further through other commodities."-PR