Electronic Warehouse Receipt Financing known as EWRF is being launched by SBP (The State Bank of Pakistan). The launch is scheduled for Tuesday in Kasur’s Chunian tehsil on a roadshow for maize crops. Warehouse Funding is a great step for the farmers in the country.
The short-term action plan for uptaking of EWRF will be formally kicked-off with this launch, the state bank is determined to promote the agriculture sector of Pakistan through such events with compliance of commercial banks.
The same EWRF was launched last year in March, for rice and paddy stocks in Hafizabad district. Similar, initiatives by SBP have helped improve the country’s agriculture substantially.
The EWR (Electronic Warehouse Receipt) is issued through a private SECP-registered entity, linked with commercial banks all over Pakistan, through an electronic system. Furthermore, an SBP official said, “The company installs its system in the warehouse of farmers. After installation, its representative issues a receipt to the farmer regarding stock (quantity, quality, and price) available in the warehouse.” Moreover, the farmers are eligible of getting a loan or finance from any bank (70 percent of the value of the total stock) upon having EWR.