Staff Reporter Karachi
A Memorandum of Understanding (MOU) has been signed virtually between National Bank of Pakistan (NBP) and Millat Tractors Ltd. (MTL) for collaboration between the two organizations for the development and promotion of farm mechanization on a nationwide basis.
The objectives of this MoU are to increase the disbursement of institutional credit for tractors and farm implements to eligible farmers in Pakistan through mutual efforts of both Parties and to improve the financial literacy of farmers and entrepreneurs to encourage them to avail credit facility from NBP.
NBP and MTL will cooperate to identify and carry out joint marketing activities to support tractor purchases by farmers.
Such activities may include joint sales calls to prospective customers and trade show/seminar support and participation.
NBP is Pakistan’s largest public-sector commercial bank, providing a diverse range of products and services to the agriculture sector.
The Bank is taking initiatives for increasing market penetration and growth in the priority sectors of the economy by developing and strengthening value chains between producers, processors, exporters and financial institutions.