KARACHI: Working to build sustainable livelihoods for the people of Pakistan through monetary support and knowledge transfers, JS Bank has collaborated with Engro Foods Limited under the banner of the Prime Minister Youth Business Loan (PMYBL) program. This was an initiative to build sustainable livelihoods for dairy farmers through monetary support and knowledge transfers.
Through this partnership, JS Bank will provide financing solutions for dairy farmers associated with Engro Foods enabling them to upgrade their farms as well as procure machinery or livestock for socio-economic growth. Dairy farmers participating in this program will be able to access up to Rs2 million in ready funds for up to 8 years, at a minimum markup rate of just 6 per cent per annum, which is far less than other market offerings.
Speaking at the occasion, JS Bank Group Head Corporate and Retail Banking Kamran Jafar 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.”
Speaking at the occasion, Engro Foods Limited Managing Director Ali Ahmed Khan said, “Engro Foods remains committed to empower dairy farmers at the grass root level. PMYBL Scheme is a great effort to increase the sustainability of dairy farmers who have zero access to financing solutions. Through this partnership with JS Bank, we look forward to increasing livelihoods and build the earning capacity of dairy farmers. At Engro Foods we believe that it is our responsibility and we remain committed to enabling the evolution of the dairy industry in Pakistan”
Through this alliance, JS Bank and Engro Foods 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 information is provided to key stakeholders by Engro Foods.