OUR STAFF REPORTER LAHORE - The Bank of Punjab (BoP) has allocated an amount of Rs 250 million for the distribution of soft loans among the eligible schools partnered with the Punjab Education Foundation (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 & PEF Chairman Raja M. Anwar who signed the MOU on behalf of their respective organizations, the agreement signing ceremony was also witnessed by MD PEF Ms. Ambreen Raza, DMD (F) Salman Anwar Malik and BoP Chief Manager Tariq Aziz. According to the MoU, Punjab Bank will provide soft loans to partner schools of Punjab Education Foundation to improve their infrastructure and to ensure quality of education for their students. Maximum amount of loan will be up to monthly installment of schools with cap of Rs. 5 lakh. This soft loan, which would have no processing fee, would be available to about two thousand FAS and NSP partner schools of PEF. Punjab Education Foundation will act as a guarantor of this loan which will be utilized to improve the schools infrastructure so that students could enjoy the conducive atmosphere. According to terms of loan, it will have repayment period from one year to three years. PEF Chairman, Raja Anwar expresses the hope that it will benefit the partner schools and the students will be the ultimate beneficiary.