EFL, JS Bank to issue farm loans

LAHORE: Engro Foods Limited (EFL) and JS Bank are joining hands to provide soft loans to the farmers nationwide, an industry official said on Friday.

“The livestock farmers will be able to get Rs100,000 to Rs2 million worth of loans on 6 percent markup rate, which will boost the livestock sector growth and create new job opportunities,” Adnan Ishtiaq, quality head EFL, said during his visit to the company’s Sahiwal plant.

Speaking on the occasion Ishtiaq said a Dutch company had made $4780 million investment in the EFL, which increased employment opportunities. “Furthermore, 53 metric tons milk powder was made last month from liquid milk, which will be used in summer season when milk production declines and demand increases,” he added.