NBP, Winrock sign deal

KARACHI: The National Bank of Pakistan (NBP) has signed a memorandum of understanding (MOU) with the US-based Winrock International Institute for Agricultural Development on cooperation in the farm sector in the country, a statement said on Wednesday.

The collaboration will allow the bank to increase ways and means of credit availability to farmers, processors and service providers and enhance financial literacy in selected areas and crops.

Initial focus will be on four non-major crops, namely dates, banana, tomato and red chilli, it added.

Winrock is being represented via its Pakistan office through the Pakistan Agriculture Development Project (PAD) and is undertaking tasks on value chain development in the four crops in 12 districts (six each in Sindh and Punjab).

The NBP and Winrock will collaborate to bring together their respective experiences and expertise to facilitate farmers and related value chain partners to promote better standards for farming and processing, the bank said.

“Credit plays a vital role in enabling the adoption of best practices for improving crop productivity, reducing losses, value addition and consequently enhancing profitability.