Meezan to provide small, medium automotive part vendors
AMANULLAH KHAN KARACHI—Meezan Bank has signed a corporate partnership agreement with Karandaaz Pakistan and Millat Tractors Ltd. (Millat) to help provide financial access to small and mid-size automotive part vendors in the country. This tripartite partnership is part of the USD 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.