Engro Foods Limited inks MOU with JS Bank to empower
Dairy Farmers through PMYBL Scheme
Engro Foods Limited being the 2nd largest Dairy Company in Pakistan has collaborated with JS Bank under the banner of Prime Minister Youth Business Loan (PMYBL) program to empower the dairy farmers with financing facilities. This was an initiative to build sustainable livelihoods for the dairy farmers through monetary support and knowledge transfers.
Engro Foods dairy farmers will have the opportunity to upgrade their farms, procure machinery or livestock, with financing through JS Bank. This is another step by Engro Foods in its journey for socio-economic empowerment of the dairy farmers in Pakistan. Éngro dairy farmers participating in this program will be able to access up to PKR 2 Million in ready funds for up to 8 years, at a minimum mark-up rate of just 6% per annum.
Speaking at the occasion, Mr. Ali Ahmed Khan, Managing Director Engro Foods Limited said, “Engro Foods remains committed to empower the dairy farmers at grass root level. PMYBL Scheme is a great effort to increase sustainability of the dairy farmers who have zero access to financing solutions. Through this partnership with JS Bank, we look forward to increase the livelihoods and build the capacity of dairy farmers. At Engro Foods we believe that it is our responsibility and we remain committed to enable the evolution of the dairy industry in Pakistan”
On behalf of JS Bank, Mr. Kamran Jafar, Group Head – Corporate & Retail Banking Group said “This agreement will serve as a development catalyst and increase financial inclusion nationwide. Through the Prime Minister Youth Business Loan (PMYBL) program, JS Bank is providing easy and accessible avenues for financial independence and growth to deserving farmers.”
This ceremony was attended by the top management of Engro Foods Limited (EFL) Mr. Ali Ahmed Khan, Managing Director, Mr. Imran Hussain, Director Finance, Mr. Naveed Saeed, Chief Corporate & Regulatory Affairs Director, Mr. Zeeshan Ur Rab, GM Milk Procurement & Agri Services and Ms. Nageen Rizvi, Head of Corporate Communications & Sustainability. On behalf of JS Bank Mr. Kamran Jafar, Group Head C&RBG, Mr. Babbar Wajid Head of Business & Product Development, Mr. M. Ahsan Amjad Head of Retail Assets C&RBG, Mr. Muhammad Faisal, Business Head-Corporate South and Mr. Faisal Asghar Business Head Wholesale, Private & International Banking were present along with their teams.
Through this alliance, Engro Foods Limited and JS Bank will provide an ecosystem of mutually supporting values and growth to farmers. This supportive structure will help enhance milk production at a national level through fiscal support by JS Bank while best industry practices and industry related information is provided to key stakeholders by Engro Foods.