KARACHI: Meezan Bank and Karandaaz Pakistan and Millat Tractors Limited have joined hands to promote small and medium enterprises (SMEs) in the country by providing financial access.
The bank, in a statement, said that the arrangements would help provide financial access to small and mid-size automotive part vendors in the country.
This tripartite partnership is part of the $50 million Corporate Vendor and Distributor Finance Program launched recently by Karandaaz Pakistan and Meezan Bank.
Through this capital investment and expansion working capital financing opportunity, Millat’s supply chain and distribution channels shall grow considerably. As per the agreement, Millat, along with Meezan Bank and Karandaaz Pakistan, shall identify and direct credit to vendors and distributors with good growth potential and sound operating and credit history thus facilitating the localization of automotive parts and broad based employment growth in Pakistan.
Senior representatives from the three partner companies were present at the signing ceremony held at Millat Group office in Lahore.
Ali Sarfraz, CEO Karandaaz Pakistan commended the partnership and said, “This corporate framework agreement with Millat Tractors is further testament to this promise. Their support and commitment to this Program is truly laudable.”
Asad Azfar, CIO Karandaaz Pakistan highlighted the innovative features of the Program designed to leverage the visibility and influence of apex Corporates on their supply chains to enable cash flow driven term lending to small and mid-size vendors and distributors. Millat Tractors was the pioneer of vendor development in the auto industry in Pakistan and their participation and confidence in the Program is very encouraging and exciting.
S M Irfan Aqueel, CEO Millat Tractors Limited while appreciating the efforts of the sponsors to this program said “Millat being the pioneer of vendor development in Auto industry has always taken lead in creating an enabling environment for development of the SME sector. Easy access to finance will help the SME’s to develop and equip themselves to meet the emerging challenges”.
