Bank of Punjab, along with 14 partner banks, has arranged a total sum of Rs 122.660 billion against the requirement of Rs 212 billion for 2013-14 wheat procurement. In this connection, the Bank of Punjab hosted a formal signing ceremony on Thursday. It was attended by senior bankers and representatives of the 15 participating banks/departments as well as government officials. Bank president Naeemuddin Khan and Punjab Food Secretary were also present on the occasion
The BoP led consortia comprises 15 banks and their departments: namely BoP, Bank Al Habib Limited, Bank Alfalah Limited, Askari Bank Limited, Habib Metropolitan Bank Limited, First Women Bank Limited, Faysal Bank Limited, Summit Bank Limited, Al Baraka Bank Pakistan Limited, Meezan Bank Limited, The Bank of Khyber, United Bank Limited, Dubai Islamic Bank Pakistan Limited, Burj Bank Limited and Punjab Provincial Co-operative Bank Limited. During the ceremony, it was revealed that this year, the BoP led consortia raised Rs 122.660 billion to finance wheat procurement by the food department, once again setting a new record for the amount of financing provided. Out of the Rs 212 billion, Rs 122.660 billion will be provided by the BoP led consortia to fulfil the new procurement price of Rs 1,200 per maund. The amount utilisation has been accepted by the food department.
On the occasion, BoP President Naeemuddin Khan apprised the audience of the consistent vision for food security and mentioned BoP's pivotal role in leading promotional interventions to ensure a smooth supply of agricultural items at a price that benefits farmers.
According to him, due to its outstanding performance, BoP has been successfully catering to most of the incremental requirements of the food department and has set new records every year. Traditionally, only five banks were to cater to the government's fund requirements but due to the tremendous price escalation, BoP took on the challenge of arranging additional funds to secure a higher purchase price by the government. The bank first raised the level in the 2009 wheat consortia with nine banks/departments arranging Rs 34 billion.
"The BoP, through its countrywide network of over 300 duly equipped branches and fully trained staff, is determined to provide full support to the food department, to make the campaign for procurement of wheat crop in the province a resounding success," he added.
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