In a significant development, the Punjab Education Foundation (PEF) and the Bank of Punjab (BoP) formally established their partnership by signing a Memorandum of Understanding (MoU) on Friday.
This partnership is expected to make major progress in supplying solar panels to over 7,000 schools in Punjab under the umbrella of PEF. The primary goal of this alliance is to empower educational institutions with sustainable energy solutions through accessible installment loans.
Shahid Farid, Managing Director of PEF, and Salman Shah, Head of the Retail Finance Division at BoP, inked the MoU. During the signing ceremony, MD Shahid Farid highlighted the initiative’s potential positive impact on the educational landscape.
The introduction of solar panels is expected to significantly decrease electricity bills for PEF’s partner schools while also delivering eco-friendly electricity to over 2.7 million students.
The collaborative effort between PEF and BoP showcases a forward-looking approach to tackling energy needs in education, promoting sustainability, and contributing to a greener environment.