NBP, MTL sign MoU

KARACHI: National Bank of Pakistan (NBP) and Millat Tractors Ltd (MTL) signed a memorandum of understanding (MoU) to develop and promote farm mechanisation on a nationwide basis, a statement said on Friday.

The objectives include increasing 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. NBP and MTL would cooperate to identify and carry out joint marketing activities to support tractor purchases by farmers. Such activities might include joint sales calls to prospective customers and trade show/seminar support and participation. The expected outcome of the collaboration is to create a win-win situation for all stakeholders and contribute to economic growth by modernising farming.

MTL is Pakistan leading tractor manufacturing company established in 1964. It is engaged in the manufacturing and marketing of the world-renowned Massey Ferguson (MF) tractors and a range of allied agricultural and industrial implements. NBP is Pakistan’s largest public-sector commercial bank, providing a diverse range of products and services to the agriculture sector.