Bank Alfalah’s CSR initiatives

KARACHI: Bank Alfalah reported the highlights of 2023 during phase 2 of its comprehensive rehabilitation and rebuilding initiative for the communities affected by the devastating floods that hit the country in 2022.

The bank, under the visionary leadership of His Excellency Sheikh Nahayan bin Mubarak Al Nahayan, Chairman of Bank Alfalah, who graciously donated $10 million for the cause, has joined forces with 24 esteemed partners to address critical sectors such as healthcare, emergency care, housing, education, and livelihoods.

The bank has disbursed around Rs1.24 billion for the initiative, which addresses immediate needs and provides a comprehensive framework for long-term rehabilitation. Phase 1 focused on immediate relief with Rs338 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 Rs902 million, focusing on rehabilitation and rebuilding lives. This phase encompassed several key areas: sustainable housing, healthcare, education, and livelihood support.

The bank has partnered with reputable organisations such as Karachi Relief Trust, Bait-us-salam, Sahil Welfare Trust and Shahid Afridi Foundation to address the housing needs of flood-affected communities and promote climate resilience. The partner NGOs inaugurated housing communities in Balochistan and Sindh during the year.

The bank has also shown a strong dedication to healthcare and education. A partnership with the Aga Khan Foundation has been strengthened by a generous donation of Rs200 million Bank Alfalah offers interest-free rehabilitation loans to support the households affected by the floods through its partnership with Akhuwat. Rs211 million has been disbursed to over 900 beneficiaries in all four provinces to reconstruct damaged houses.