BOP, Engro sign financing deal

LAHORE: Engro Fertilizers Limited and Bank of Punjab (BOP) would collaborate to provide easily accessible financing to farmers through the bank’s branch network across Pakistan.

The memorandum of understanding (MoU) was signed at Engro Fertilizer’s head office in Karachi. The ceremony was attended by Engro’s CCO Amir Iqbal and CFO Imran Ahmed, and BOP’s Group Chief Corporate Investment Banking Farid Ahmed Khan and Group Head Retail & Priority Sectors Lending Asif Riaz.

Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan programme would be able to avail financing on easy terms and concessional markup rates from the BOP. These farmers would avail this facility to invest in their infrastructure, mechanisation and working capital for yield improvements.

In a joint statement, Amir Iqbal and Asif Riaz said the prioritising financial inclusion and well-being of farmers was key to develop the agricultural sector, which in turn results in the progress of Pakistan.

The initiative 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, they observed.