Sonali Bank Limited will provide loan to the contract farmers of PRAN Dairy Limited with a view to raring high quality cattle breeds and increasing production of dairy products.

Uzma Chowdhury, Director (Corporate Finance) of PRAN-RFL Group and Rafiqul Islam, General Manager of Sonali Bank signed an agreement in this connection on behalf of their respective organizations at a city hotel on Wednesday, says a press release.  

Addressing the occasion as chief guest, Finance Minister AMA Muhith said, the investment of PRAN Group is playing a guiding role in various business sectors. PRAN Group is a bright example of creating new products by investing in agriculture sector. The minister praised the endeavor of Sonali Bank for providing loan to the contract farmers of PRAN.

Ahsan Khan Chowdhury, Chairman and Chief Executive Officer (CEO) of PRAN-RFL Group said, the contractual dairy farmers will use the loan to buy cows, prepare shade, buy cattle feed and carry out other farm related development activities.  

He also said that more than 11,000 registered dairy farmers are working with five PRAN Dairy hubs at Gurudashpur of Natore, Chatmohar of Pabna, Shahjadpur and Baghabari of Sirajganj and Rangpur who bring up 55,000 cattle. PRAN Dairy provides various facilities, including vaccination, treatment, training on farm set-up and development, artificial insemination, to the dairy farmers.

Md. Obayed Ullah Al Masud, Managing Director and CEO of Sonali Bank said, the bank provides loan to the country’s agriculture, industry and other potential sectors. PRAN Dairy is one of the major organizations contributing largely for the development of the dairy sector. The purpose of providing the loan is to eradicate malnutrition and create employment of youths through flourishing dairy sector.

The Bank will provide loan to the dairy farmers as per the recommendation of PRAN Dairy. Farmers will receive the collateral free loan worth Tk 50,000 to 2,00000 while Tk 3,00000 to 10,000,00 with collateral. The farmers will have three to five years to pay back the loan, he added.

Bangladesh Bank Governor Fazle Kabir, Senior Secretary of Bank and Financial Institution Division Yunusur Rahman, Chairman of Board of Directors of Sonali Bank Ashraful Moqbul, and high officials of PRAN and Sonali Bank, were also present on the occasion.