28th March 2018: Working to build sustainable livelihoods for the people of Pakistan through monetary support and knowledge transfers, JS Bank has collaborated with Engro Foods Limited under the banner of the Prime Minister Youth Business Loan (PMYBL) program. This was an initiative to build sustainable livelihoods for the dairy farmers through monetary support and knowledge transfers.
Through this partnership, JS Bank will providing financing solutions for dairy farmers associated with Engro Foods enabling them to upgrade their farms as well as procure machinery or livestock for socio- economic growth. Dairy farmers participating in this program will be able to access up to PKR 2 Million in ready funds for up to 8 years, at a minimum mark-up rate of just 6% per annum, which is far less than other market offerings.
Speaking at the occasion, Mr. Kamran Jafar, Group Head – Corporate & Retail Banking Group at JS Bank said “This agreement will serve as a development catalyst and increase financial inclusion nationwide. Through the Prime Minister Youth Business Loan (PMYBL) program, JS Bank is providing easy and accessible avenues for financial independence and growth to deserving farmers.”
Speaking at the occasion, Mr. Ali Ahmed Khan, Managing Director Engro Foods Limited said, “Engro Foods remains committed to empower the dairy farmers at grass root level. PMYBL Scheme is a great effort to increase sustainability of the dairy farmers who have zero access to financing solutions. Through this partnership with JS Bank, we look forward to increase the livelihoods and build the capacity of dairy farmers. At Engro Foods we believe that it is our responsibility and we remain committed to enable the evolution of the dairy industry in Pakistan”
Through this alliance, JS Bank and Engro Foods will provide an ecosystem of mutually supporting values and growth to farmers. This supportive structure will help enhance milk production at a national level through fiscal support by JS Bank while best industry practices and industry related information is provided to key stakeholders by Engro Foods.
About JS Bank:
JS Bank is one of the fastest growing banks in Pakistan, with 323 branches in 161 cities. The Bank also has an international presence and is a leading player in the digital banking space. JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of the Pakistan’s most diversified and progressive financial services group. For more information, please visit http://www.jsbl.com.
About Engro Foods Limited
Engro Foods Limited (EFL), is the 2nd largest dairy company of Pakistan, it is embedded with the vision of “Nourishing by Nature”. EFL is a subsidiary of Dutch based dairy cooperative, Royal Friesland Campina, owned by 19,000 farmers and operating in 32 countries globally. Royal Friesland Campina owns controlling shares of Engro Foods Limited, a public listed company incorporated under the Companies Ordinance, 1984, with shares quoted on the Pakistan Stock Exchange. The principal activity of the Company is to manufacture, process and sell dairy products and frozen desserts. Engro Foods also owns and operates a world class dairy farm with 6,500 cows near Sahiwal called “Nara Farm”.
EFL’s product portfolio comprises some of the country’s biggest and best selling brands including Omore, Olper’s, Olper’s Lite, Olper’s Cream, Dairy Omung, Omung Dobala, and Tarang.
