LAHORE: The Bank of Punjab and Millat Tractors Limited- MTL have signed an MOU for provision of Fast Track Processing and Delivery of Tractors and Farm Machinery to qualifying applicants at subsidized markup rate under Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme (PMKJ YES).
This ceremony was held at The Bank of Punjab Head Office in Gulberg Lahore, Tuesday. Usman Dar – Special Assistant to Prime Minister (SAPM) on Youth Affairs was the chief guest of the ceremony. Zafar Masud – President & CEO BOP and Asif Riaz – Group Head Retail and Priority Sectors Lending represented BOP while Millat Tractors Limited was represented by Sikandar M Khan – Chairman Millat Group, S.M. Irfan Aqueel – CEO and Azhar Noor General Manager Marketing.
This MOU is in line with the Prime Minister’s Vision to support farmers in order to boost country’s economy and serve as a Job creation medium. Speaking on the occasion Zafar Masud said that: “BOP is currently the Top Performing Bank with a total disbursement of more than Rs 2.4 billion under KJ YES, whereas Millat Tractors Limited is Pakistan’s Leading Tractors and Farm machinery manufacturer with market share of over 60%. Partnering with Millat Tractors Limited is another milestone of becoming the first bank in Industry to partner with a Tractor and Farm Machinery Manufacturer for addressing the supply chain gaps in this sector. He also added that BOP aims to lease 5,000 tractors under PMKJ YES”.
S.M. Aqueel, speaking on the occasion assured Fast Track delivery of these Tractors & Farm Machinery and also shared MTLs marketing and farmer’s awareness campaign details. BOP and MTL will also conduct an awareness program for Operators and Mechanics. Both the CEOs also discussed subsidized lending opportunity to bridge financial gaps of MTLs distributors and Vendor under PMKJ YES.
The Chairman Millat Group, Sikandar M Khan assured his Company’s best services & support to BOP for farm mechanization development and creation of job opportunities in the country.
Usman Dar appreciated the efforts of both the organizations and added that this joint venture will add a lot of value to the future of the country.