KARACHI: In its latest collaboration, JS Bank has enlisted the help of Adaptive Technologies with regards to its financing initiatives for Small & Medium Enterprises (JS Smart Roshni), solar panel financing for the residential sector (JS GharApna) and solar tube well (JS Zarkhez) for farmers.
These financial schemes come under the State Bank of Pakistan’s (SBP) environment-friendly fiscal solutions.
By joining hands JS Bank and Adaptive Technologies seek to construct a framework for growth of shared values that will assist residential, agricultural and commercial endeavors. Through the use of renewable electricity, JS Bank clients can opt for future independence from the national energy grid all the while saving on electricity bills. The loans are up on a rebate basis at a 6% mark-up flat rate.
Speaking at the occasion, head of Business Consumer Banking & Product Management for JS Bank; Babbar Wajid commented on the partnership with Adaptive Technologies as a reflection of, “Our increased focus on alternative and renewable energy such as solar power which is a key element of improving air quality and the sustainability of the mix of the country’s energy sources.” He goes on to voice his confidence in the bank’s services in helping customers reduce grid dependence and consequently carbon footprint creating more sustainable future environments.
Shaaf Abdul Aziz Mehboob, Director at Adaptive Technologies, displayed optimism on future prospects saying “the future of energy in Pakistan will surely be driven mainly by renewables due to the rising cost of conventional fuels and declining cost of alternatives.” He added that the main obstacle had been accessed to financing for the commercial, residential and rural sector, being now “A thing of the past with JS Bank’s solar financing scheme.”