Pakistan Dairy Development Company (PDDC) and Askari Commercial Bank signed a Memorandum of Understanding (MoU) on Saturday to provide loans to dairy farmers in Pakistan to increase the production of milk and other dairy products.
Geof Walker, Chief Executive Officer (CEO) PDDC and Muhammad Farooq Abid Tung, Senior Vice President of Askari Commercial Bank signed the documents on behalf of their respective organisations here.
Under the agreement, Askari Bank would provide funds to the model dairy farmers for increasing their production, and building modern storage infrastructure.
Briefing the newsmen about the salient features of the MoU, the PDDC, CEO Geoff Walker said that PDDC has decided to select 1000 model dairy farms in the country per annum to provide financial and technical assistance. This is a five-year plan and every year the number of model farms would be increased, he added.
SVP Farooq Abid Tung told reporters that the Askari Bank would finance the dairy farmers. State Bank of Pakistan has encouraged the Askari Bank to under take this scheme and provide financial assistance to dairy farmers.
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