LAHORE: The Bank of Punjab (BOP) becomes the first bank disbursing funds to Microfinance Providers for the Prime Minister’s Youth Business & Agriculture Scheme (PMYB&ALS).
The bank disbursed PKR 100 million to National Rural Support Program (NRSP) under Tier-1 of the scheme for lending to small businesses and farmers. BOP is offering both Shariah-compliant and conventional financing solutions to ensure a wide range of aspirant borrowers can take advantage of the scheme.
Meanwhile, BOP is already leading in terms of disbursements and approvals under Tier-2 & Tier-3 among participating banks. The Government of Pakistan through State Bank of Pakistan has launched PMYB&ALS to promote entrepreneurship through subsidized financing to small businesses, agriculture, and livestock sectors. The scheme envisages creating job opportunities and improve the economic situation in the country.
Speaking at the occasion, Mr. Zafar Masud (President & CEO – BOP) said, “We are a proud partner of the government for promoting entrepreneurship. We believe this is an effective tool for financial inclusion entrepreneurship. I hope to see more banks and financial institutions stepping forward to promote this initiative.”