Engro Fertilizers, BOP join hands for agriculture financing

KARACHI: Engro Fertilizers Limited and The Bank of Punjab (BOP) 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.

The MoU signing ceremony, held at Engro Fertilizers Limited's Head Office in Karachi, was attended by Amir Iqbal - Chief Commercial Officer and Imran Ahmed - Chief Financial Officer of Engro Fertilizers Limited, whilst the BOP was represented by Farid Ahmed Khan - Group Chief Corporate Investment Banking, Asif Riaz - Group Head Retail & Priority Sectors Lending and Sarfraz Hussain Head Agri Credit Division.

In a joint statement, Amir Iqbal (Chief Commercial Officer, Engro Fertilizers Limited) 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."-PR

Copyright Business Recorder, 2021