KARACHI: Descon, a leading industrial conglomerate, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a Memorandum of Understanding (MoU) to address the postharvest losses of wheat, rice, and maize in Pakistan.

The strategic alliance aims to save around USD 2 billion worth of essential grains that are lost every year due to poor storage and handling practices. These losses affect the food security of 36.8% of the population and hamper the growth of the agricultural sector.

Descon, which has diversified into the agri business line, is committed to empowering small-scale farmers and enhancing their productivity and income. The company will leverage its expertise and resources to modernize the infrastructure and optimize the supply chain processes for the staple grains.

IFC, which has a global track record of supporting impactful initiatives, will provide technical assistance and financing solutions to Descon and its partners.

Faisal Dawood, Vice Chairman of Descon, said, “We are excited about the potential impact of this collaboration. We believe we can make a substantial difference in reducing postharvest losses and enhancing the quality of staple grains for the people of Pakistan.”

The collaboration is expected to create sustainable solutions for long term food security and economic development in the country.