The KP Department of Food and Bank of Khyber (BoK) inked a memorandum of understanding (MoU) for provision of finance for procurement of wheat. Under the arrangement, BoK will provide Rs 7.5 billion for wheat procurement to the provincial government for the current season.
Group Head, Credit Management, BoK, Imran Samad and Secretary Food, Khyber Pakhtunkhwa, Khalid Gilani signed the MoU on behalf of the bank and department respectively. The MoU signing was held at the Conference Room of the department of finance. It was witnessed by the Provincial Minister for Finance Mohammad Hamayun Khan, Provincial Minister for Food Mohammad Shuja Khan, Secretary Finance, Managing Director, BoK, Bilal Mustafa and other officials of the bank.
BoK MD Bilal Mustafa said that the bank would extend Rs 7.5 billion for wheat procurement to the provincial government this year. He said that the bank has been playing an active role in the economic uplift and development of the province in particular and of the country in general for the last two decades.
He said that the bank had passed from the process of revamping and re-organising in recent years and the results can be judged from the financials report for the year 2010 and quarterly results as of March 31 2011. The advances portfolio grew from Rs 14.123 billion as on 31-12-2009 to Rs 21.234 billion (gross) as on 31-12-2010 and the Bank further plans to enhance the same by the end of the year 2011.
The Bank is planning to open 12 new branches during 2011 out of which seven branches are conventional and five in Islamic banking group. This would further enhance the outreach of the Bank to all the geographical territories of the country taking the total number of branches to 66, he added.
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