Team Europe launches TVET Phase IV

Team Europe’s €64 million Technical and Vocational Education and Training (TVET) Sector Support Programme-Phase IV was recently inaugurated at the Centre of Excellence in Modern Technologies, as per a press release.

Building upon the successes and lessons learned from the previous three phases of Team Europe’s support to Pakistan’s TVET sector, the programme aims to enhance skills development in environmentally friendly sectors such as agribusiness, water, and energy.

Dr Angelika Fleddermann, Country Director of GIZ Pakistan, elaborated on the programme’s objectives, stating, “The current phase of the TVET Programme focuses on technological upgrading in remote regions, private sector engagement, and national-level systems strengthening.”

FFC Launches Sona Boron DAP

Fauji Fertiliser Company Limited (FFC) launches ‘Sona Boron DAP’, a new value-added diammonium phosphate product on April 23, 2024 as per a press release.

Athar Javed, Group General Manager Marketing FFC, inaugurated the launching ceremony in Lahore and stated that Sona Boron DAP is available at all FFC dealers’ outlets throughout Pakistan.

While talking to the media, he explained that boron is chemically added to each granule of Sona DAP while maintaining the percentage of its basic nutrients. He assured that the FFC will continue to develop and introduce new fertiliser products to advance Pakistan’s agriculture and ensure food security.

IBA Karachi receives NCEAC accreditation

The School of Mathematics and Computer Science (SMCS) at the Institute of Business Administration (IBA),Karachi, was awarded the ‘W’ category accreditation for its BS Computer Science programme for the batches of 2019, 2020, and 2021 by the National Computing Education Accreditation Council (NCEAC), as per a press release.

Earlier this year, the inspection team visited the Institute to assess the programme against NCEAC standards and thoroughly examined the facilities.

BOP’s financial results

The Bank of Punjab (BOP) posted 67pc growth in profit before tax for its fiscal year’s first quarter that ended on March 31, 2024, according to a press release.

During Q1FY24, the Bank’s net interest margin (NIM) increased to Rs8.5bn against Rs7.8bn. Non-markup/interest income also increased by 33pc compared to last year’s corresponding period.

Earnings per share for Q1FY24 increased to Rs0.52 per share as against Rs0.37 during Q1FY23.

As of March 31, 2024, the Bank’s total assets improved to Rs2,075.5bn, growing by 29pc, while deposits improved to Rs1,421.4bn, growing by 20pc growth. Investments and gross advances were recorded at Rs1,055.79bn and Rs761.70bn, respectively.

The Bank has been assigned a long-term entity rating of “AA+” by The Pakistan Credit Rating Agency, with a short-term rating being “A1+”.

PVC for rehabilitation

Engro has extended its support for flood-resilient housing solutions in partnership with Sindh Rural Support Organization (SRSO) and Indus Valley School (IVS), as per a press release. In this regard, Engro recently shared findings from two projects at a briefing held at the IVS, Karachi. IVS students shared a shelter design using regional materials and construction techniques, incorporating locally sourced bamboo, sun-dried brick, concrete blocks, and recyclable UPVC sheets.

These materials not only align with the region’s climate but are also highly adaptable as they are designed to float, transform, submerge, or block in res­ponse to flood disasters, ensuring safety and security for their inhabitants.

PQFTL offers Voluntary Pension Scheme

Pak-Qatar Family Takaful (PQFTL), part of Pak-Qatar Group became the first local Takaful operator to introduce a Voluntary Pension Scheme (VPS), as per a press release. Through it, the public can save for their retirement while reducing tax liability up to 20pc.

Individuals can opt for the plan with a contribution as low as Rs1,000. By investing in VPS, people can avail themselves of discounted rates on additional coverage for Family Sehat (Individual health), Motor Takaful, and House Takaful.

Published in Dawn, The Business and Finance Weekly, April 29th, 2024