KARACHI: Engro Fertilizers Limited and The Bank of Punjab have collaborated to provide easily accessible financing to farmers through BOP’s branch network across Pakistan.
Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan program will be able to avail financing on easy terms and concessional markup rates from the BOP. These farmers will avail this facility to invest in their infrastructure, mechanization and working capital for yield improvements.
This financing arrangement will help farmers to improve farm economics through better production and, thus, increase their income levels as well. The MoU signing ceremony, held at Engro Fertilizers Limited’s Head Office in Karachi, was attended by Mr. Amir Iqbal – Chief Commercial Officer and Mr. Imran Ahmed – Chief Financial Officer of Engro Fertilizers Limited, whilst the BOP was represented by Mr. Farid Ahmed Khan – Group Chief Corporate Investment Banking, Mr. Asif Riaz – Group Head Retail & Priority Sectors Lending and Mr. Sarfraz Hussain Head Agri Credit Division.
In a joint statement, Amir Iqbal (Chief Commercial Officer, Engro Fertilizers) and Asif Riaz (Group Head Retail & Priority Sector Lending, The Bank of Punjab) shared that, “Prioritizing financial inclusion and well-being of farmers is key to develop the agricultural sector, which in turn results in the progress of Pakistan. We are excited to partner on this initiative that has the potential to transform the country’s agricultural landscape by promoting improved agri practices, thereby, enabling better crop yields and food security for the nation.”
This initiative is yet another milestone for both organizations in their journey to create meaningful impact in the agri landscape of Pakistan. Last year, Engro Fertilizers Limited and the BoP had also partnered to deliver accessible warehouse receipt financing to farmers, traders and processors, for the winter maize and basmati rice crop. Under the Shandaar Kissan program, Engro Fertilizers Limited has registered more than 2500 selected farmers and provided them Seed to Harvest solutions to improve their farm productivity. On the other hand, the BOP continues to provide financial assistance under its vast range of agri products and SBP schemes.