Engro Foods Ltd inks MOU with International Finance Corporation

2018-11-17-22-30-53-007

Karachi(Cliff News)Engro Foods Limited, core purpose is to provide better nutrition to Pakistan, a good living to farmers, now and for generations to come. In lieu of the same spirit, EFLjoined hands with the International Finance Corporation (IFC), a member of the prestigious World Bank (WB). The two corporate giants signed a Memorandum of Understanding (MoU) for Dairy Market Development project in Pakistan earlier this month at the Engro Foods Limited Head Office in Karachi. The MoU was signed by Ali Ahmed Khan Managing Director, EFL and by Tania Lozansky, Senior Manager Advisory Manufacturing Agri business & Services,IFC.The focal purpose of the memorandum was to initiate joint efforts to unlock the potential and strengthen the development of Pakistan’s dairy industry. Both the organization will work together to promote sustainable living for farmers and reduce poverty by enabling dairy farmer empowerment. This will eventually result in developing awareness about best dairy farming practices and increase the quality of dairy output. The MoU promises to facilitate the farmer and other stakeholder access to knowledge, technology and financing and to empower women along dairy value chains.Speaking at the occasion Ali Ahmed Khan, Managing Director Engro Foods Limited said, “Engro Foods purpose to provide better nutrition to Pakistan and a good living to our farmers remains the core of every initiative we undertake. We work with 250,000+ dairy farmers and have disseminated over 1 million trainings on best dairy farming practices. Our farmers have received Rs. 51 billion as direct incomes from Engro Foods since 2005. We have in the past and we will continue to play our role in creating a complete eco system to facilitate sustainable living for farmers through our dairy development programs. The signing of this agreement with IFC shows our commitment to strengthen the dairy sector of Pakistan.”On behalf of IFC, Tania Lozansky, Senior Manager for Manufacturing, Agribusiness and Services, said “Dairy is a priority sector for IFC’s investment and advisory services globally as it has a significant positive impact on nutrition. Pakistan’s dairy sector relies on more than 8.2 mlnfarmers for milk production. Together with partners such as Engro Foods, we see a great opportunity to help the dairy farmers improve their livelihoods by increasing their knowledge and productivity,” said Tania Lozansky, Senior Manager of Advisory for Manufacturing, Agribusiness and Services.On behalf of Engro Foods the signing ceremony was attended by Imran Hussain, CFO and Director Finance, Nageen Rizvi, Head of Corporate Communications and Sustainability, Farhan Patel, Manager Supply Chain Finance and Oksana Varodi, ECA & EMENA Regional Lead MAS, Zunee Muhtashim, Principal Investment Officer Manufacturing, Agribusiness & Services Asia Pacific Region, Hina Karamat, Investment Officer & Raffaele Boldracchi, Lead Donors & Partner Relations Middle East & North Africa at IFC MAS Advisory services, Muddassir Shafique, Program Manager of IFC MAS Advisory services, Pakistan.

About Engro Foods Limited

Engro Foods Limited (EFL), is the 2nd largest dairy company of Pakistan. It is a subsidiary of a Dutch Dairy cooperative, Royal Friesland Campina, the 6th largest dairy company in the world, owned by 19,000 farmers and operating in 32 countries globally. Royal Friesland Campina owns controlling shares of Engro Foods Limited, a public listed company incorporated under the Companies Ordinance, 1984, with shares quoted on the Pakistan Stock Exchange. The principal activity of the Company is to manufacture, process and sell dairy products and frozen desserts. Engro Foods also owns and operates a world class dairy farm with 6,500 cows near Sukkur called “Nara Farm”. EFL’s product portfolio comprises some of the country’s biggest and best-selling brands including Omore, Olper’s, Olper’s ProCal+, Olper’s Cream, Dairy Omung, OmungDobala, and Tarang.

About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

 

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