Karachi, August 1, 2023: Bank Alfalah, a leading commercial bank in Pakistan, reported the highlights of the first half of 2023 during Phase-2 of its comprehensive rehabilitation and rebuilding initiative, which started with immediate rescue and relief in phase-1 in 2022.
With a steadfast commitment to empowering communities and promoting sustainable development, the bank has joined forces with esteemed partners. It has disbursed around PKR 970 million to address critical sectors such as healthcare, emergency care, housing, education, and livelihoods.
Under the visionary leadership of His Highness 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.
Phase-1 focused on immediate relief, with Bank Alfalah 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.
Bank Alfalah is embarking on phase-2 of its flood relief efforts, focusing on rehabilitation and rebuilding lives. This phase encompasses several key areas: sustainable housing, healthcare, education, and livelihood support.
Healthcare Provision worth PKR 501 million
Amongst all initiatives, there is a strong dedication to healthcare and education. A partnership with the Aga Khan Foundation has been strengthened by a generous donation of PKR 200 million, aiming to uplift pediatric healthcare in areas affected by floods. This collaboration seeks to bolster access to premier healthcare and reduce child mortality rates, predominantly in isolated areas.
Furthermore, an association with the ChildLife Foundation has been augmented with a fund of PKR 50 million, earmarked for medicinal support in Children Emergency Rooms managed by ChildLife, situated in flood-damaged areas in Larkana, Sukkur, Nawabshah, and Hyderabad.
A donation of PKR 150 million was made to the Patient Aid Foundation with a focus on aiding the underserved in Jinnah Postgraduate Medical Centre (JPMC) Karachi, which has inundated flood-impacted communities travelling to Karachi from interiors. Donations also extend to PKR 20 million to HANDS for tech-centric mobile health services, PKR 47 million to the Alamgir Welfare Trust for mobile health platforms, and PKR 34 million to the Al-Mustafa Trust for the inception of a Medical Center in Nawabshah.
Sustainable Housing Provision worth PKR 260 million
Bank Alfalah has partnered with reputable organisations such as Karachi Relief Trust, Bait-us-salam, Sahil Welfare Trust, and the Shahid Afridi Foundation to address the housing needs of flood-affected communities and promote climate resilience. Through these collaborations, the Bank is committed to constructing around 600 climate-resilient, low-cost homes worth PKR 150 million that provide affected families with secure and dignified living environments in Sindh and Balochistan. The Bank set aside PKR 110 million to aid colleagues who lost their homes in the floods, providing financial support for renovating and constructing their residences using the designated funds.
Subsidised Loans Provision PKR 250 million
To support the households affected by the floods, Bank Alfalah is offering PKR 250 million as interest-free rehabilitation loans through its partnership with Akhuwat. These loans will provide individuals with the necessary financial support to reconstruct their houses.
Education Support Provision PKR 59 million
In alignment with its dedication to education, Bank Alfalah has partnered with The Citizen Foundation and donated PKR 59 million to rebuild and restore the education infrastructure in flood-impacted areas. With this fund, TCF will construct three (3) schools and ensure that children in Nawabshah and other flood-hit regions can access quality education and a pathway towards a brighter future.
Bank Alfalah’s two-phased pronged approach towards relief and rehabilitation of flood-affected communities showcases its profound commitment to societal advancement and resilience. The strategy, backed by influential partnerships and significant financial allocations, addresses these communities’ immediate needs and long-term challenges.