KARACHI – Bank Alfalah Ltd (BAFL), one of the country’s leading financial institutions, and Al-Ghazi Tractors Ltd (AGTL) signed an MOU to facilitate farmers by fast-track processing and delivery of tractors as well as other farm machinery. The ceremony was held at Shaadin Manzil, Lahore and the MOU was signed by Mr. Muhammad Saeed Mushtaq, General Manager Sales & Marketing AGTL and Mr. Javed Iqbal, Head SME & Commercial Banking, BAFL. Ms. Rooma Malik – officer Agri Finance, Mr. Yahya Hameed Wahla, Agri Business Head BAFL and Mr. Abdul Ahad – Senior Manager Marketing Planning, AGTL were also present in the event.
Pakistan’s agriculture sector is paramount to the economy as it contributes nearly 20% of the GDP and employs more than 42% of the nation’s total workforce. BAFL is continuously making efforts to facilitate this sector and the people it employs. Through this partnership, farmers will be able to acquire tractors and other farm equipment manufactured by AGTL under the Prime Minister’s Kamyab Jawan Scheme (PMKJ). BAFL is extending collateral free tractor finance facilities to the farming community on subsidized markup rates under PMKJ. Bank Alfalah and Al-Ghazi Tractors shall also jointly conduct awareness sessions to disseminate financial literacy and technical knowledge.
Speaking at the occasion, Head SME & Commercial Banking, BAFL, Mr. Javed Iqbal stated; “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 much needed farm mechanization through affordable financing solutions.
Mr. 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 added that there was dire need to increase per acre tractor utilization rate in Pakistan to ensure enhanced farm output.”
BAFL has made significant contributions towards facilitating Government backed subsidy schemes like the Kamyab Jawan Program and the Low-cost Housing Initiative. The Bank at the same time has continued its trajectory of growth and innovative development in the market.