Daily Times

LAHORE: Nestlé Pakistan has disbursed Rs 114 million among almost 100 dairy farmers through the National Bank under the PM’s Youth Loan Scheme.

Nestlé Pakistan and the National Bank of Pakistan had entered a partnership in 2015 to facilitate young farmers under the scheme. Around 400 farmers had applied for loan assistance. Other applications are being processed.

Agriculture is an important segment of the national economy and it is important that farmers be provided the necessary incentives, said a statement issued on Wednesday. More than half of the population of Pakistan lives in rural areas. Among them, over 46 percent of those employed are in the agriculture sector.

Commenting on the disbursement of loans to the farmers, Waqar Ahmad, Nestlé Pakistan’s head of corporate affairs said, “Pakistan has achieved an important place in the world as a major producer of milk and this is what further encourages us to assist the dairy farmers. This partnership has helped Nestlé to play a constructive role in the lives of young farmers and to help them take advantage of incentives that would assist them in their future growth. This also fits in beautifully with the United Nations’ Sustainable Development Goals (SDGs); in this case the second (Zero Hunger – promoting sustainable agriculture), which Nestlé is keen on helping achieve.”

Leila Khan, the chairperson of the Prime Minister’s Youth Loan Scheme, said the initiative was aimed at improving the lot of the dairy farming community since they were the backbone of the agriculture sector. “Such loans are important for small farmers. It is our responsibility to have a reliable and high-quality agriculture setup. We are glad that Nestlé Pakistan has a proven approach in this regard and is contributing to poverty reduction. I am happy that the National Bank of Pakistan is assisting in carrying these efforts forward.”

NBP’s SEVP/Group Chief Commercial Retail Banking Group Mudassir H Khan said, “National Bank of Pakistan’s relentless efforts to develop the underprivileged sector for the unemployed youth of Pakistan is the core component of the bank’s integrated community strategy. This goal of NBP is strengthened with the alliance of Nestle. We would continue to extend our support and ensure that the skilled youth of Pakistan become job creators rather than job seekers.”