News Analysis |
As an example of fulfilling Corporate Social Responsibility, Khushhali Microfinance Bank (KMBL), Pakistan’s widest spread micro-finance banking network, signed a memorandum of understanding with Greenlight Planet, an international chain of domestic solar energy products, in order to comply with the global Sustainable Development Goals. KMBL, as a result of this agreement, will now offer Greenlight Planet’s Sun King’s variety of solar home systems and lighting solutions on convenient installments to facilitate its customer base.
The International Finance Corporation (IFC)’ Lighting Pakistan program reportedly mediated between its associate, Greenlight Planet and Khushhali bank to facilitate financing options for quality solar lighting solutions at a grass root scale. According to IFC’s lighting Pakistan initiative, 144 million homes in Pakistan face an energy crisis. The globally accepted method for resolving energy crises is to revert to sustainable and clean energy, the foremost of which is solar power.
KMBL and Greenlight Planet also plan on initiating a social awareness campaign to educate the users about the benefits of shifting to renewable energy sources.
Khushali Micro Finance Bank, operating since the year 2000, was initially a part of the Government of Islamic Republic of Pakistan’s Poverty Reduction Strategy and its Microfinance Sector Development Program (MSDP), according to its website MSDP was developed with the facilitation of Asian Development Bank (ADB). With its headquarters based in Islamabad, Khushhali Microfinance Bank (KMBL) operates under the supervision of the State Bank of Pakistan (SBP).
According to a press release, KMBL President Ghalib Nishtar spoke on the occasion and said that Khushhali Microfinance Bank collaborating with Greenlight Planet to facilitate of Sun King through the provision of a range of transformational solar products will address energy issues of masses living in the far-flung area, particularly focus in off-grid areas. “This move will also positively impact the livelihoods of people in these areas”, the President said.
He said KMBL was looking forward to expanding Greenlight Planet’s footprint across Sindh and enable affordable, clean and reliable Sun King-branded off-grid solar solutions for the customers. According to Greenlight Project’s statistics, Sun King has provided solar panels to 5.5 Million off-grid homes around the world, with 27 Million daily users utilizing 17.3 MW of clean energy daily.
According to Greenlight Project’s statistics, Sun King has provided solar panels to 5.5 Million off-grid homes around the world, with 27 Million daily users utilizing 17.3 MW of clean energy daily.
Given the aforementioned energy crisis in Pakistan, this strategic alliance will serve in promoting the use of renewable energy by facilitating the bank’s customers in accessing globally renowned renewable energy products on convenient financing services. KMBL and Greenlight Planet also plan on initiating a social awareness campaign to educate the users about the benefits of shifting to renewable energy sources. This service will be launched at Hyderabad, Thatta, Badin, Mirpur Khas, Tando Allahyar, and Nawab Shah, as these areas in Sindh suffer from the worst energy deficit in the country, besides facing the clean water and domestic development issues.
As another sign of commitment to the SDP’s, on its 18th anniversary in August this year, Khushhali bank had carried out a ‘Plant Khushhali’ campaign across all its branches nationwide. Every employee participated by planting a tree sapling. More than 4,500 saplings were planted by the KMBL family to commemorate the anniversary.