The Bank of Punjab (BOP) has become the first bank disbursing funds to microfinance providers for the Prime Minister’s Youth Business & Agriculture Scheme (PMYB&ALS). The bank disbursed PKR 100 million to National Rural Support Program (NRSP) under Tier-1 of the scheme for lending to small businesses and farmers. Bank of Punjab is offering both Shariah-compliant and conventional financing solutions to ensure a wide range of aspirant borrowers can take advantage of the scheme.
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Meanwhile, Bank of Punjab is already leading in terms of disbursements and approvals under Tier-2 & Tier-3 among participating banks. The government of Pakistan through State Bank of Pakistan has launched PMYB&ALS to promote entrepreneurship through subsidized financing to small businesses, agriculture, and livestock sectors. The scheme envisages creating job opportunities and improve the economic situation in the country.
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Zafar Masud (President & CEO – The Bank of Punjab) said, “We are a proud partner of the government for promoting entrepreneurship. We believe this is an effective tool for financial inclusion entrepreneurship. I hope to see more banks and financial institutions stepping forward to promote this initiative.”
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