MOU Signing Ceremony between NBP with Engro Foods Limited (Engro) for PMYBL Scheme


Karachi (PR): National Bank of Pakistan’s (NBP) continues its lead role inbringing about a positive change in the lives of common people through Prime Minister Youth Business Loan Scheme. With the objective of improving the financial circumstances of the masses and create more job opportunities for the unemployed youth of the country, NBP is striving hard to focus on reaching out to the true beneficiaries of the PMYBL scheme.

In this quest, another milestone hasbeen achieved by NBP on April27, 2015 where National Bank of Pakistan signed a Memorandum of Understanding (MOU) with Engro Foods Limited (Engro) during a graceful ceremony held at NBP Head office in Karachi.

Both the organizations focus on self-employment of the under privileged youth within the age brackets of 21-45 years. The applicant should ideally be anexisting/new vendor of Engro Foods with good credit history and sound credibility. The existing vendors can benefit from this scheme by expanding their business, while the new businessmen can opt for similar businesses by availing of the PMYBL scheme.

Engro Foods will provide its assistance via continuous training to their vendors for maximizing output, quality assurance and optimum productivity in accordance with the reasonable industry standards. This collaboration will assist the PMYBL Scheme (PMYBL) for generating opportunities of self-employment to the future vendors of Engro Foods including cattle & fruit farmers etc.

The financing will be provided by the PMYBL scheme and the training will be provided by Engro Food’s CSV initiative through different programs including LLW (Lady  Livestock Workers),KushaliGhar, Farm Development Program, Machine & Transport Financing for Cattle & Agri Farmers, Chiller shops / Collection points for WMC and Solar Power Financing for dairy collection points. The financing will be provided to the eligible candidates in accordance to the specific programs executed in their rural/urban areas.

The representatives of National Bank at this MOU Signing ceremony were Mr. Mudassir H. Khan – SEVP & Group Chief, Commercial, Retail Banking Group (CRBG), Mr. S. H. Irtiza Kazmi – EVP & Coordinator PMYBL, CRBG, Ms. Nageen Rizvi – VP & Unit Head Marketing & Promotions PMYBL, CRBG. While Engro Foods was represented by Mr. Sarfaraz A. Rehman – CEO, Engro Foods, Mr. Babur Sultan – Vice President Supply Chain and Mr. Saud Ahmed Pasha – Director Agri Business, Engro Foods.

The Group Chief and SEVP National Bank of Pakistan, Mr. Mudassir Khan stated that small businesses are vitalfor sustainable economic development for Pakistan and for us to survive and exceed today’s globalized world. Global food and agribusiness faces a remarkable conundrum. Right now the sector is struggling in an operating environment characterised by slow growth, increasing demand and limited supply, which in combination are challenging business confidence. And yet the sector has a bright future. Over the longer term growth in global food and agribusiness will be strong, driven by a powerful combination of population expansion, rising wealth and urbanization.

Mr. Irtiza Kazmi, Executive Vice President and the Coordinator for PMYBL stated that National Bank of Pakistan is committed to continue its financial services delivery to the food and agri sector, and aims to play a leading role in collaborating with major players in the food sector like Engro to focus on increasing food and nutrition security thereby bringing economic stability to the country. He further stated that farmers are generally found to have little or no access to institutional credit. Consequently, they have to rely on unorganized channels for their credit requirements. Credit supply is imperative for a number of activities such as purchase of essential inputs, access to better quality materials, which results in increased production.

NBP being the largest public sector bank has always led the way in sharing the commitment of the Government towards uplifting the agriculture & dairy farmers and providing them opportunities of financial independence.

Engro Foods is among the biggest and fastest growing companies in Pakistan with a vision to cater to local needs with products conforming to global standards. Highly passionate about providing millions of people across the length and breadth of Pakistan and beyond with the ultimate brand experience, their product portfolio comprises some of the country’s biggest and best selling brands including Olper’s, Olper’s Lite, Omore, Dairy Omung, Olper’sLassi and Tarang. And that is precisely what enables them to progress as Pakistan’s premier foods company delivering top quality products infused with a local flavor and a global vision.

Ms. Nageen Rizvi, Vice President & Unit Head Marketing & Promotions – PMYBLstated that National Bank of Pakistan’s relentless efforts to develop the under privileged sector for the unemployed youth of Pakistan is the core component of the Bank’s integrated community strategy. This goal of NBP is strengthened with the alliance of Engro, the food giant of the country as apartner into the PMYBL Scheme. We believe that this association will bringavigorous change in the agri sector and will provide further opportunities to the prospective unemployed youth.