Tuesday, June 21, 2011

Bank of Punjab(BoP)to give Rs250million to Punjab Education Foundation(PEF)

BoP has allocated an amount of Rs 250m for the distribution of soft loans among the eligible schools partnered with PEF under Foundation Assisted Schools (FAS) and New School Program (NSP).
For this purpose, a Memorandum of Understanding (MoU) was signed between The Bank of Punjab and Punjab Education Foundation at BoP Tower,Gulberg on Monday. Besides BoP President Naeemuddin Khan and PEF Chairman Raja M. Anwar who signed the MOU on behalf of their respective organizations
According to the MoU,BoP will provide soft loans to partner schools of Punjab Education Foundation in order to improve their infrastructure and to ensure quality of education. Maximum amount of loan will be up to monthly installment of schools with cap of Rs 0.5 million without any processing fee and will be available to about 2 thousand FAS and NSP partner schools of PEF.