HBL has set a significant industry milestone by providing Rs 1 billion in financing for solar tube wells, establishing itself as a leader in promoting sustainable and climate-smart agriculture. This financing initiative enables farmers to embrace capital-intensive solar technologies affordably and efficiently.
Farmers benefit from seamless access to credit through HBL’s extensive rural network, aligning with the bank’s commitment to sustainable agriculture in harmony with the Aga Khan Development Network’s (AKDN) Net Zero Goal by 2030.
As a signatory of the Principles of Responsible Banking (PRB) and Net Zero Banking Alliance (NZBA), HBL actively promotes renewable energy sources in agriculture, aiming to reduce carbon emissions by minimizing reliance on fossil fuels.
The solarization of tube wells emerges as a cost-effective solution, ensuring a timely and adequate supply of irrigation water. This technological shift substantially lowers production costs, enhancing farm productivity and ultimately leading to increased profit margins for farmers.
Aamir Kureshi, Head of Consumer, Agriculture & SME Banking at HBL, emphasized the bank’s commitment to agricultural financing. He stated, “HBL is at the forefront of agriculture financing among commercial banks, actively collaborating with farmers to provide timely financial services for improved crop yields and enhanced farm productivity.
This initiative contributes to ensuring food security and prosperity for farming communities, demonstrating HBL’s dedication to supporting the agriculture sector through technology and innovative financial solutions.”
