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Saturday, April 13, 2024

HBL signs agreement for Prime Minister’s Youth Business and Agriculture Loan Scheme

The partnership between HBL, Damen Support Program, and Thardeep Microfinance Foundation under the PMYB&ALS scheme would play a crucial role in uplifting the lives of thousands of people.

HBL, Damen Support Program, and Thardeep Microfinance Foundation have joined hands to offer interest-free financing to individuals and small businesses under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS).

Speaking on the occasion, Khaqan Muhammad Khan, Global Head of Financial Institutions and Remittance Business at HBL, said, “The Bank is committed to promoting financial inclusion and poverty alleviation. The partnership between HBL, Damen Support Program, and Thardeep Microfinance Foundation under the PMYB&ALS scheme would play a crucial role in uplifting the lives of thousands of people.”

Read more: HBL & BACQ team up under SBP Champion Bank Initiative

Dr. Sonu Khangharani, CEO of Thardeep Microfinance Foundation, said, “The partnership with HBL will be instrumental in advancing our mission of promoting financial inclusion and will empower individuals from marginalized segments of society to realize their entrepreneurial dreams.”

Musharraf Khan, CEO of Damen Support Program, said, “Amidst inflationary pressures, interest-free financing is a boon that small businesses and individual entrepreneurs could take advantage of. The partnership with HBL had previously delivered successful financial inclusion projects and this scheme would provide another opportunity to support small businesses and entrepreneurs in need of financing.”

HBL strengthens the farming community 

Important to note, HBL has often shown commitment to uplifting Pakistan’s agriculture sector, especially in Balochistan by launching initiatives or taking part in government programs aimed at the financial strengthening of the farming community.

Earlier, it became the first bank in Pakistan to launch a farm-to-processor initiative to boost farm productivity in Balochistan. The Bank has consistently campaigned for easing farmers’ financial burdens.

Read more: HBL & SBP host 2nd RACC meeting to make Balochistan’s farming community strong

Apart from easing farmers’ financial burdens, HBL also strongly campaigns for a tech revolution in Pakistan’s agriculture sector. In this regard, HBL entered into a strategic alliance with BaKhabar Kissan. BaKhabar Kissan is a leading agriculture technology company engaged in building the capacity of farmers, operative in Pakistan.