PESHAWAR: The Bank of Khyber (BoK) has signed a memorandum of understanding (MoU) with the Khyber Pakhtunkhwa Food Department for a syndicate financing arrangement of Rs11.37 billion for the procurement of wheat during the year 2016-17.

The MoU was signed by Mr Shams-ul-Qayyum, the managing director of BoK and Mr Asmatullah Khan Gandapur, the provincial food secretary.

A statement issued here said that the bank has been participating in the financing of wheat procurement since 2010.

This year, the food department had invited bids from banks to finance the procurement of 350,000 tonnes of wheat.

This syndicate financing is to the tune of Rs.11.37bn, which is led by the Bank of Khyber, and involves seven other banks including MCB, Bank Al-Habib, Habib Metropolitan Bank, First Women Bank, United Bank, Bank Alfalah and Meezan Bank.

Of the total amount, 50 per cent is being financed by the Bank of Khyber and the remaining will be shared by the other members of the consortium.

Published in Dawn, April 30th, 2016