Bank Alfalah partners with Al-Ghazi Tractors

KARACHI: Bank Alfalah Limited (BAFL), one of the country’s leading financial institutions, and Al-Ghazi Tractors Limited (AGTL) signed a memorandum of understanding (MoU) to facilitate farmers by fast-track processing and delivery of tractors, as well as other farm machinery, a statement said.

The ceremony was held at Shaadin Manzil, Lahore and the MoU was signed by Muhammad Saeed Mushtaq, general manager sales and marketing of AGTL and Javed Iqbal, head SME and commercial banking of BAFL.

Rooma Malik, officer agri finance, Yahya Hameed Wahla, agri business head of BAFL and Abdul Ahad, senior manager marketing planning of AGTL, were also present on the occasion.

Pakistan’s agriculture sector is paramount to the economy, as it contributes nearly 20 per cent to the GDP and employs more than 42 per cent of the nation’s total workforce.

BAFL is continuously making efforts to facilitate this sector and the people it employs. Through this partnership, the farmers will be able to acquire tractors and other farm equipment manufactured by AGTL under the Prime Minister’s Kamyab Jawan Scheme.

BAFL is extending collateral free tractor finance facilities to the farming community on subsidised markup rates under the programme.

Bank Alfalah and Al-Ghazi Tractors would also jointly conduct awareness sessions to disseminate financial literacy and technical knowledge.

Javed Iqbal said: “BAFL has always been the forerunner in financial innovation and inclusion, especially towards the SMEs and the unbanked segments of the economy.”

He expressed his confidence and assured that this partnership will be an enabler for developing the much-needed farm mechanisation through affordable financing solutions.

Muhammad Saeed Mushtaq highlighted that AGTL provides wide range of tractors, agricultural machinery and after sales services to its customers and believes in quality service standards.

He said there was a dire need to increase the per acre tractor utilisation rate in Pakistan to ensure enhanced farm output.

BAFL has made significant contributions towards facilitating the government-backed subsidy schemes like the Kamyab Jawan Programme and the low-cost housing initiative.

The bank, at the same time, has continued its trajectory of growth and innovative development in the market.