Mil­lat Trac­tors part­ner­ship with Karan­daaz and ORIX

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

IS­LAM­ABAD —Mil­lat Trac­tors Ltd. (Mil­lat) re­cently signed a cor­po­rate part­ner­ship agree­ment with Karan­daaz Pak­istan and ORIX Leas­ing Pak­istan Lim­ited (ORIX) to help pro­vide fi­nan­cial ac­cess to small and mid-size au­to­mo­tive part ven­dors in the coun­try. This tri­par­tite ar­range­ment is part of the USD 40 mil­lion Cor­po­rate Ven­dor and Dis­trib­u­tor Fi­nance Pro­gram launched re­cently by Karan­daaz Pak­istan and ORIX Leas­ing. Through this Pro­gram, ORIX’s sup­ply chain and dis­tri­bu­tion chan­nels shall grow con­sid­er­ably. As per the agree­ment, Mil­lat, along with ORIX 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.

Se­nior rep­re­sen­ta­tives from the three part­ner com­pa­nies were present at the sign­ing cer­e­mony held at Mil­lat’s head of­fice in La­hore. Ali Sar­fraz, CEO Karan­daaz Pak­istan com­mended the part­ner­ship and said, “Karan­daaz Pak­istan in its goal to achieve greater fi­nan­cial in­clu­sion in Pak­istan places sub­stan­tial im­por­tance on pro­vid­ing SMEs with en­hanced ac­cess to fi­nance. This cor­po­rate frame­work agree­ment with Mil­lat Trac­tors is fur­ther tes­ta­ment to this prom­ise. Their sup­port and com­mit­ment to this Pro­gram is truly laud­able.” Asad Az­far, CIO Karan­daaz Pak­istan high­lighted the in­no­va­tive fea­tures of the Pro­gram de­signed to lever­age the vis­i­bil­ity and in­flu­ence of apex Cor­po­rates on their sup­ply chains to en­able cash flow driven term lend­ing to small and mid­size ven­dors and dis­trib­u­tors. Mil­lat Trac­tors was the pi­o­neer of ven­dor de­vel­op­ment in the auto in­dus­try in Pak­istan and their par­tic­i­pa­tion and con­fi­dence in the Pro­gram is very en­cour­ag­ing and ex­cit­ing.

S M Ir­fan Aqueel, CEO Mil­lat Trac­tors Lim­ited while ap­pre­ci­at­ing the ef­forts of the spon­sors to this pro­gram said “Mil­lat be­ing the pi­o­neer of ven­dor de­vel­op­ment in Auto in­dus­try has al­ways taken lead in creat­ing an en­abling en­vi­ron­ment for de­vel­op­ment of the SME sec­tor. Easy ac­cess to fi­nance will help the SME’s to de­velop and equip them­selves to meet the emerg­ing chal­lenges”. Ir­fan Ahmed, Gen­eral Man­ager ORIX Leas­ing Pak­istan ap­pre­ci­ated the ini­tia­tive by Karan­daaz for fa­cil­i­tat­ing SME’s ac­cess to fi­nan­cial ser­vices through cor­po­rate link­ages. He also thanked Mil­lat for their par­tic­i­pa­tion in the pro­gram. The pro­gram would help the ven­dors in plan­ning ex­pan­sion/ up­grad­ing of their pro­duc­tion fa­cil­i­ties to bet­ter serve the in­dus­try.

D.I. KHAN: Dr. Nadeem Am­jad, PARC Chair­man in­au­gu­rat­ing Adap­tive Re­searchcum-Demon­stra­tion In­sti­tute at Ma­tora, Lakki Mar­wat-KP un­der AZRC.

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