IFIC Bank Limited signed a memorandum of understanding (MoU) with PRAN Dairy Limited for extending the agriculture loan facilities.
Managing Director & CEO of the Bank Mr. Shah A Sarwar signed the deal with Director of PRAN Dairy Ltd. (a sister concern of PRAN-RFL Group) Ms. Uzma Chowdhury at a simple ceremony today (Sunday) at the Head Office of the Bank.
Deputy Managing Director (Business) of IFIC Bank Mr. Mati-ul Hasan, Deputy Managing Director & CFO Mr. S. M. Abdul Hamid, SVP & Head of CRM Mr. Md. Jahiruddin Ferdous, Deputy General Manager (Finance) of PRAN-RFL Group Mr. Md. Alamgir Kabir were, among others, present during the signing ceremony.
Under the agreement, IFIC Bank will facilitate the suppliers of PRAN Dairy Ltd. with agriculture credit to purchase cattle and establish daily farms. The dairy company will also make payment of the loan installment to IFIC Bank on behalf of their suppliers from the sale proceeds of milk.