As The Truly Sri Lankan Bank, Pan Asia Bank has played a pivotal role in promoting the sustainable development of the local economy – with a special emphasis on supporting SMEs engaged in agriculture and related industries, partnering both governmental and non-governmental organizations to further deepen its impact. In line with this goal, Pan Asia Bank launched another special financing project through its Monaragala Branch to benefit the local sugarcane farming community by way of sprinkler irrigation technology for enhancing local sugar production.
The inaugural ceremony of this project was held recently in collaboration with the Lanka Sugar Company at Pelwatta Sugar Company Auditorium. The Chairman & CEO, senior operations staff including COO, Senior Deputy General Manager of Pan Asia Bank and the Monaragala Branch staff were present on the occasion. The CEO of Bartleet and Chairman and Director-General of Agrarian Insurance were also present at the event. Heads of Government and Non-Government Organizations in the area also attended. This special project by Pan Asia Bank in association with Pelwatta Lanka sugar company will go a long way in achieving the targets of local sugar production and will directly contribute to the strengthening of the economy of the sugarcane farming community.
The first phase of this project to popularize sugarcane cultivation with sprinkler irrigation, will cover an area of about one thousand hectares, and the number of farming families receiving relief will be around 500.Pan Asia Bank extended loan benefits for the purchase of sprinkler water equipment to 65 selected farming families to commence the project. A field trip was also organised on the day to see how these types of equipment are incorporated in the field.
Pan Asia Bank will also provide technical consultation and sprinkler water kits with a 10-year warranty through Bartleet and special coverage for sugarcane cultivation through the Agrarian Insurance Board. Pan Asia Bank, Pelwatta Lanka Sugar Company, and Bartleet have recently signed a Memorandum of Understanding (MoU) in this regard recently. Pan Asia Bank CEO & Managing Director, Mr. Nimal Tillekeratne; Chairman of Lanka Sugar Company, Mr. Janaka Nimalachandra; and Mr. Derrick Marks, CEO of Bartleet signed the agreement.
Annual rainfall is a constraining factor In the Monaragala District, which is known as a dry agro-climatic zone. According to a survey conducted in collaboration with Hector Kobbekaduwa, the Agrarian Research and Training Institute, systematic irrigation of sugarcane can double the final yield. Accordingly, the Development Banking Division of Pan Asia Bank has taken steps to introduce a special concessionary loan scheme focusing on directing farmers, introducing new technological water supply strategies, and providing high-quality equipment.
In addition to providing basic facilities by introducing various loan schemes for various sectors, guiding new entrepreneurs, providing necessary training and technical services, accounting and marketing are some of the important services that Pan Asia Bank provides for a sustainable impact. Its sustainable approach is focused on uplifting remote villages in order to enrich the rural economy through its wide branch network.
The Bank’s green financing efforts have led it to be awarded ‘Best Green Bank for 2020 in Sri Lanka’ by the International Global Finance Magazine for its eco-friendly financial contribution to a prosperous green tomorrow by utilizing natural resources more efficiently. As the Truly Sri Lankan Bank, Pan Asia Bank’s ambition to contribute to the country in the future with this public-private partnership green loan project is aimed at ensuring the prosperity of future generations.
Photo Caption: Naleen Edirisinghe Senior DGM-Pan Asia Bank is seen exchanging the MOU with Janaka Nimalachandra Chairman LSC. Rtd. Major Vajira Kumaratunge COO of LSC, Gamini Rasaputhra CEO/Director LSC, Kuganeshwaran Sabapathy Senior Dealer PABC,Ranjith Atukorala MGR Development Banking Division are also in the picture