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HBL Finances Rs 1 Billion for Solar Tube Wells

HBL Finances Rs 1 Billion for Solar Tube Wells to boost renewable energy in Pakistan’s Agriculture sector.

Habib Bank Limited (HBL) has achieved a milestone with a Rs 1 billion financing initiative for solar tube wells, enabling farmers to adopt technology-intensive solutions affordably.

The bank’s extensive rural presence ensures easy access to credit.

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This underscores HBL’s commitment to sustainable agriculture, aligning with the Aga Khan Development Network’s Net Zero Goal for 2030.

As a signatory of the Principles of Responsible Banking (PRB) and the Net Zero Banking Alliance (NZBA), HBL is dedicated to advancing renewable energy in agriculture, aiming to reduce carbon emissions by minimizing reliance on fossil fuels.

These advancements reduce production costs and enhance farm productivity, leading to increased profit margins.

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Commenting on this achievement, Aamir Kureshi, Head of Consumer, Agriculture & SME Banking, stated:

“HBL is leading the agriculture financing among the commercial banks and has actively partnered with farmers across the agriculture landscape for the timely provision of financial services to achieve the common objective of better crop yields and enhanced farm productivity. This will go a long way in ensuring food security and prosperity for the farming communities. HBL is committed to supporting the agriculture sector through leveraging technology and innovative financial solutions.”

The adoption of solar technology for tube wells is a cost-effective measure, ensuring a timely and adequate supply of irrigation water.

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