Engro Foods, JS Bank Sign MoU To Empower Dairy Farmers

Engro Foods Limited, second largest Dairy Company in Pakistan, has collaborated with JS Bank under the banner of Prime Minister Youth Business Loan (PMYBL) programme to empower the dairy farmers by extending them maximum financing facilities.

KARACHI, (UrduPoint / Pakistan Point News - 29th Mar, 2018 ) :Engro Foods Limited, second largest Dairy Company in Pakistan, has collaborated with JS Bank under the banner of Prime Minister Youth business Loan (PMYBL) programme to empower the dairy farmers by extending them maximum financing facilities.

This was an initiative to build sustainable livelihoods for the dairy farmers through monetary support and knowledge transfers, said an Engro press release here on Wednesday. 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. Engro dairy farmers participating in this program will be able to access up to Rs two million in ready funds for up to 8 years, at a minimum mark-up rate of just 6 percent per annum, it said.

Speaking on the occasion, Managing Director, Engro Foods Limited, Ali Ahmed Khan said Engro Foods remained committed to empower the dairy farmers at grass-roots 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," he added. Engro Foods felt responsibility and remained committed to strengthen the dairy industry in Pakistan, he pledged.

From JS Bank, Kamran Jafar, the Group Head - Corporate and Retail Banking Group, said this agreement would serve as a development catalyst and increase financial inclusion nationwide. Through the Prime Minister Youth Business Loan (PMYBL) program, JS Bank was providing easy and accessible avenues for financial independence and growth to deserving farmers.

Through this alliance, Engro Foods Limited and JS Bank would provide an ecosystem of mutually supporting values and growth to farmers. This supportive structure would help enhance milk production at a national level through fiscal support by JS Bank while best industry practices and industry-related information was provided to key stakeholders by Engro Foods.