The Bank of Khyber (BoK) has formally launched the Crop Insurance Scheme for agricultural loans after signing a memorandum of understanding (MoU) with the National Insurance Corporation (NIC) in its Peshawar head office. The Vice President and head of Agricultural Credit and Macro-Finance Department BoK, Gul Kiaz Khan and the General Manager, Crop Insurance NIC, Muhammad Nusrat Hussein signed the MoU on behalf of their respective institutions. Managing Director, BoK, Bilal Mustafa, Director, NIC, Ejaz A Khan, SVP and Group Head (O&S) BoK, Arbab Riaz Ahmad, SVP and Head of Credit Management Division BoK, Tamsil Rashid and Vice President Marketing, Syed Ali Nawaz Gilani attended the signing ceremony. Speaking on the occasion, MD BoK, Bilal Mustafa said that the scheme has been launched to protect the farmers and borrowers from losses to their crops and orchards due to various perils. He said that these facilities would be provided to the subsistence and small farmers and tenants free of cost. Under this scheme, insurance coverage will also be available for farm machinery, equipment, tube-wells, tractors and livestock. The scheme is designed to provide additional optional coverage of life risk of the borrowers as well. Mustafa also mentioned that BoK is committed to the growth of agriculture sector and instant arrangements would go along way towards fulfilment its commitments.-PR