HBL, the Best Bank in Agriculture Financing leads with over Rs 2 billion in financing for solar-powered tubewells, thus, empowering farmers and fostering sustainability.
This achievement is a testament to HBL’s commitment towards enabling farmers’ dreams of growth and prosperity through access to finance.
This milestone financing enables more than 850 farmers across Pakistan to irrigate their crops and orchards at the right time using environmentally friendly energy. This approach helps the farmers increase crop yields and farm productivity with the right quantity of water.
Commenting on this achievement, Ahmed Naazer Minhaj, Head Agriculture Banking – HBL stated: “Farmers have been facing challenges of water shortages, increased electricity tariff and diesel prices, which will be addressed largely by converting the tubewells to solar energy.”
He added: “This milestone corresponds to HBL’s commitment to transition to clean energy in agriculture, fostering reduction in carbon emissions and prospering farmers through the adoption of innovative technologies conveniently and cost-effectively.”
Nothing is mentioned farmers will save how much expenses on energy by converting into solar from Wapda/ Furnace. What is the project pay back period of investment on solar energy? What collateral was given by farmers to avail this financing? What is mark up charged by bank on this financing? Farmers not polluting environment but infact they improve environment by planting trees and growing crops. Industries pollute environment. Unable to understand what is the news except that HBL must have earned handsome profit by financing solar panels.