PESHAWAR: The Bank of Khyber (BOK) has joined hands with an international technology firm to help promote small and medium enterprise financing and economic development in Pakistan.

A Memorandum of Understanding to this effect was signed between BOK and Fauree Tech Private Ltd at a ceremony held here.

Fauree, a renowned technology firm with a strong presence in the Middle East, Pakistan, and Africa has been successfully providing cutting-edge solutions across various industries. With its extensive reach and expertise, Fauree is uniquely positioned to contribute to the growth and development of SMEs in Pakistan through this collaboration.

Dr Saleh Alamr, Group CEO of Jawa Investments and Co-founder/Board Member of Fauree, who joined the ceremony through video link from Saudi Arabia, expressed his enthusiasm for the newly formed partnership between BOK and Fauree.

He stated: “The collaboration between these two esteemed organisations marks a significant milestone, and we consider it a great honour. We are confident that both organisations will reap the benefits of this collaboration. As digital transformation is a key pillar of Saudi Arabia’s Vision 2030, we are excited to deepen our relationship with Pakistan and contribute to its progress”.

Expressing his delight at the partnership, Mohammad Ali Gulfaraz, the BOK chief executive officer, stated: “We are thrilled to announce our collaboration with Fauree aimed at facilitating SMEs. Aligned with our vision, we are consistently striving to become the most innovative and business-centric bank in Pakistan.”

Published in Dawn, June 3rd, 2023