The Habib Bank Limited (HBL) has financed Rs 105 million in agricultural finance during the first seven months of 2004-05 for the promotion and enhancement of the livestock sector. Against a disbursement target of Rs 10.000 million fixed by the State Bank of Pakistan for 2004-05, the HBL disbursed Rs 8.589 million achieving 85 percent of its annual target in first seven months up to January 31, 2005.

This includes Rs 5.171 million disbursed for production purposes, Rs 851 million for purchase of 2,602 tractors, Rs 705 million for livestock and Rs 1.262 million for other development purposes.

In order to ensure greater access to credit for farmers, the HBL is financing the agricultural sector through more than 800 designated branches under its most popular 'Haryali Finance Scheme.' A number of innovative farmer-friendly finance products with very attractive terms have been introduced to meet credit needs of the farming community.

The agricultural sector contributes around 25 percent to national GDP and involves more than 49 percent of our total population residing in rural areas. The uplift of the agricultural sector through optimum use of our available resources can work as an important tool for poverty alleviation.-PR

Copyright Business Recorder, 2005