Engro Fertilizers, BoP to collaborate in agriculture financingLl

Web DeskWeb Editor

02nd Sep, 2021. 03:57 pm

KARACHI: Engro Fertilizers Limited and the Bank of Punjab (BoP) have collaborated to provide easy financing to farmers through the bank’s branch network across Pakistan, a statement said on Thursday.

Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan programme will be able to avail financing on easy terms and concessional markup rates from the Bank of Punjab, it added.

The farmers will avail this facility to invest in their infrastructure, mechanisation and working capital for yield improvements.The financing arrangement will help the farmers 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 Amir Iqbal, chief commercial officer, and Imran Ahmed, chief financial officer of Engro Fertilizers Limited, while the BoP was represented by Farid Ahmed Khan, group chief corporate investment banking, and Asif Riaz, group head retail and priority sectors lending.

In a joint statement, Amir Iqbal and Asif Riaz said: “Prioritising financial inclusion and well-being of the 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.”

The initiative is yet another milestone for the two organisations in their journey to create meaningful impact in the agri landscape of Pakistan. Last year, Engro Fertilizers Limited and the Bank of Punjab had also partnered to deliver accessible warehouse receipt financing to the farmers, traders and processors, for the winter maize and basmati rice crop.

Under the Shandaar Kissan programme, Engro Fertilizers Limited has registered more than 2,500 selected farmers and provided them seed to harvest solutions and to improve their farm productivity.

The Bank of Punjab continues to provide financial assistance under its vast range of agri products and the SBP schemes.

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