StormFiber expands to Chitral

STORMFIBER, powered by Cybernet, has officially launched its services in Chitral, its 25th city in Pakistan, as per a press release. This expansion underscores the company’s commitment to bridging the digital divide by bringing high-speed fibre-optic internet to remote regions.

“Chitral’s launch is a step towards an inclusive digital future,” said Fawad Laher, Managing Director of StormFiber. “We aim to empower communities and open doors to new opportunities in education, healthcare, e-commerce, and entrepreneurship in the region.”

This launch highlights the company’s ongoing efforts to create a digitally inclusive Pakistan. By leveraging state-of-the-art technology and connecting communities, StormFiber continues to play a vital role in fostering growth, innovation, and long-term sustainable development across the country.

KE’s 220MW hybrid project

KE continues to make strides in its renewable energy transition, with the 220MW Site-Neutral Hybrid Project in Dhabeji, progressing through key regulatory stages, as per a press release. The National Electric Power Regulatory Authority held a hearing last week on KE’s bid evaluation report for the project, marking a significant step towards transforming the country’s energy landscape.

The project is set to attract $200 million in foreign investment, reinforcing international confidence in KE’s renewable initiatives and Pakistan’s clean energy potential.

BYD’s climate change commitment

BYD is strengthening its efforts to combat climate change by supporting initiatives like “Breathe Pakistan” as per a press release. As part of the collaboration with ‘Breathe Pakistan’, BYD showcased what is deemed to be the start of an NEV revolution in the country as the manufacturer’s vehicles begin to land on local roads. An initiation was witnessed in this regard as NEVs were used for the commute of guests attending the conference, providing them with an exclusive on-ground experience of BYD’s advanced NEV technology. This first-hand interaction allowed key stakeholders, policymakers, and industry leaders to witness the comfort, efficiency, and environmental benefits of BYD’s new energy vehicles.

Bayer to insur South Asian farmers

THE Bayer Foundation and the Pula Foundation announced last week at the World Economic Forum in Davos, Swit­zerland,that they are planning to provide insurance coverage for 10 million smallholder farmers working with national governments in Pakistan, Bang­la­desh, Malawi, Ghana, Nigeria, Kenya and Mali, by 2030, as per a press release.

The collaboration aims to enhance climate resilience among smallholder farmers in these countries, protecting them against the growing impacts of droughts and floods, which threaten harvests, livelihoods, and global food security. It will help build private-public collaborations and shape the insurance market for agriculture in Africa and Asia.

LONGi calls for localised solar supply

LONGi advocates for the indigenisation of solar supply chains in Pakistan to accelerate the country’s transition to clean energy, as per a press release. Speaking at ‘The Great Solar Rush in Pakistan: Keeping the Momentum’, organised by the Pakistan Solar Asso­ciation and Renewables First, Ali Majid, General Manager of LONGi Pakistan, outlined a roadmap for strengthening the local solar energy ecosystem.

The event brought together key industry leaders, including Sherry Rehman and Salman Amin, to discuss policy measures and market strategies needed to support Pakistan’s growing solar industry. Ali Majid emphasised that developing local manufacturing and supply chains for solar technology would reduce dependency on imports, create jobs, and make solar energy more acce­ssible and affordable for businesses and households across the country.

Soneri Bank’s financial results

Soneri Bank Limited announced the Bank’s financial statements for the year ended December 31, 2024.

The results reflect consistent and sustained growth in all areas as the Bank posted profit before tax of Rs12.638 billion and profit after tax of Rs5.901bn as compared to Rs12.357bn and Rs6.075bn respectively in the last year.

The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 176.91pc and 157.15pc respectively, comfortably above the regulatory requirements.

Published in Dawn, The Business and Finance Weekly, February 10th, 2025