KARACHI: Bank Alfalah, a leading commercial Bank in Pakistan, reported the highlights of 2023 during Phase 2 of its comprehensive rehabilitation and rebuilding initiative, which started with immediate rescue and relief in Phase 1 in 2022.
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With a steadfast commitment to empowering communities and promoting sustainable development, the bank has joined forces with 24 esteemed partners. It has disbursed around PKR 1.24 billion to address critical sectors such as healthcare, emergency care, housing, education, and livelihoods.
Under the visionary leadership of His Excellency Sheikh Nahayan bin Mubarak Al Nahayan, Chairman of Bank Alfalah, who graciously donated $10 million to devastating floods that hit Pakistan last year, and with the steadfast support of the Board of Directors, the Bank has embarked on a two-pronged strategy to redevelop communities in a sustainable, equitable, and financially inclusive manner. This initiative addresses immediate needs and provides a comprehensive framework for long-term rehabilitation.
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Phase 1 focused on immediate relief with Rs 338 million partnering with reliable and trusted non-governmental organisations (NGOs) across Pakistan. These partnerships facilitated the rescue and assistance of flood-impacted individuals in hard-hit locations.
In 2023, the Bank embarked on phase 2 of its flood relief efforts with a disbursement of PKR 902 million, focusing on rehabilitation and rebuilding lives. This phase encompassed several key areas: sustainable housing, healthcare, education, and livelihood support.
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To accelerate the rebuilding process, the Bank is onboarding new partner NGOs, Injaz Pakistan, Green Crescent Trust and Vital Pakistan. These NGOs will focus on women’s empowerment and financial inclusion. This will develop socio-economically aware communities, motivated and equipped towards a financially enabled community working towards a safe and sustainable future.