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KARACHI: A Memorandum of Understanding (MoU) has been signed virtually between National Bank of Pakistan (NBP) and Millat Tractors Ltd (MTL) for collaboration between the two organizations for the development and promotion of farm mechanization on a nationwide basis. The objectives of this MoU are to increase the disbursement of institutional credit for tractors and farm implements to eligible farmers in Pakistan through mutual efforts of both Parties and to improve the financial literacy of farmers and entrepreneurs to encourage them to avail credit facility from NBP. Millat Tractors Limited is Pakistan leading Tractor Company, established in 1964. They are engaged in the manufacturing and marketing of the world-renowned Massey Ferguson (MF) tractors and a range of allied agricultural and industrial implements. They offer ten models of tractors in the range of 50 hp to 100 hp, diesel generating sets of capacities 12.5 kVA to 150 kVA and 3, 3.5 and 4 ton forklift trucks. Presently MTL is holding approx. 70% share of the local tractor market in the country. NBP and MTL will cooperate to identify and carry out joint marketing activities to support tractor purchases by farmers. Such activities may include joint sales calls to prospective customers and trade show/seminar support and participation.

NBP is Pakistan’s largest public-sector commercial bank, providing a diverse range of products and services to the agriculture sector. The Bank is taking initiatives for increasing market penetration and growth in the priority sectors of the economy by developing and strengthening value chains between producers, processors, exporters and financial institutions. The Inclusive Development Group (IDG) within NBP is spearheading these initiatives and is engaged in focusing on the financial inclusion of underserved sectors that have significant business potential.

The expected outcome of the collaboration between NBP and MTL is to create a win-win situation for all stakeholders and contribute to the growth in Pakistan’s economy by enabling the modernization of farming.—PR

Copyright Business Recorder, 2021

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