December 21, 2020

FrieslandCampina Engro Pakistan Limited, Bank of Punjab join hands to support local farmers

To address the challenges faced by the dairy sector in Pakistan, FrieslandCampina Engro Pakistan Limited and the Bank of Punjab (BOP) have entered into a collaboration to deliver easily accessible financing to dairy farmers through BOP branches all over the country, FrieslandCampina announced last month.

Under the project, local farmers will be able to avail finance facility for their dairy business on the easiest terms and lowest markup rates from BOP. Traditional dairy farmers will be encouraged to avail the finance facility to update and expand their dairy infrastructure including, but not limited to, building, machinery and livestock.

The working capital finance facility from BOP can also be availed to cater to the day-to-day needs of dairy farmers.

This financing arrangement will empower dairy farmers through better economic outcomes and provide them sufficient cash flow to meet their expenses.

In a joint statement, Zafar Masud, president and CEO of BOP, and Imran Husain, finance director of FrieslandCampina Engro Pakistan Limited, said: "We are excited to partner on this initiative that has the potential to transform the agricultural landscape of Pakistan by promoting organised financial inclusion of dairy farmers and improving dairy farming practices.

"Prioritising the financial inclusion and well-being of small farmers is key to developing the agricultural sector, which in turn progresses Pakistan. The BOP will further provide financial assistance under these arrangements through the Federal Government's Prime Minister Kamyab Jawan Scheme and the Punjab Government's Rozgar Scheme (PRS) which will further the Government's initiative to empower the youth of the country and promote business activities."

- FrieslandCampina