Pakistan. ZTBL, Al-Ghazi Tractors agree to extend cooperation

18.08.2016

Zarai Taraqiati Bank Limited (ZTBL) has agreed to extend cooperation with the leading tractors and agriculture equipment manufacturers Al-Ghazi Tractors Limited (AGTL) to look into the possibilities of improving farmers' economy and increasing their yield.

This was agreed during a meeting between ZTBL CEO Talat Mahmood and Chairman of Al-Ghazi Tractors & President Al-Futtaim Automobile Division Dubai Mr Len Hunt. The meeting was also attended by Mr Farhat Karim Hashmi, Executive Vice President ZTBL, Majyd Aziz Balagamwala, Board member ZTBL and Shahid Hussain, CEO Al-Ghazi Tractors.

A committee comprising members of ZTBL and AGTL will be formed to develop a mechanism to improve the farmers' economy and crops yield. In addition, the committee would devise a formula for more cooperation between the two organisations. The two parties further agreed on the need for introduction of brand new combine harvesters replacing the 'second-hand' market, and facilitating farmers in acquiring new harvesters. AGTL sought ZTBL's support in launching and financing of the new harvesters, while assuring the delegation that it would revert with the newly developed attractively priced harvesters. It was suggested by AGTL that the loan mark-up be made more attractive for farmers by diverting the Green Tractors money toward reduced mark up.


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