Tingo Group Signs Agreement with Governmental Body in Pakistan for Implementation and Rollout of Tingo’s Businesses Throughout the Country

MONTVALE, N.J., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech, food and commodity trading company, today announced that it has executed a Memorandum of Understanding (“MOU”) with the Khyber Pakhtunkhwa Information Technology Board (“KPITB”) to launch and roll out the Company’s business and service offerings into Pakistan. KPITB is a governmental body established in the Province of the Khyber Pakhtunkhwa, Pakistan, for the promotion of information technology for the public and private sector.

The MOU, which was signed in Peshawar by representatives of each of the parties, defines how KPITB intends to assist Tingo to revolutionize Pakistan’s agriculture sector, empower farmers, improve food production levels, increase food processing capacity, and enhance food security in Pakistan.

Under the terms of the MOU, KPITB has agreed to assist Tingo by facilitating various initiatives in the Khyber Pakhtunkhwa province as well as throughout Pakistan, including the following:

• Implementation of Tingo’s technology applications and platforms in the agricultural sector with the goal of increasing crop yields and reducing post-harvest losses;
• Utilization of Tingo’s platforms to improve farmers’ access to agricultural finance, farming knowledge, techniques and know-how, and farming inputs such as high-quality seeds and fertilizers;
• Promotion of sustainable farming practices and resource conservation, as well as collaboration with educational institutions to build a stronger agricultural ecosystem;
• Introduction and promotion of Tingo’s online agri-marketplace platform to enable farmers to more easily sell their products directly to end customers and consumers to help reduce reliance on intermediaries and improve farmers’ profit margins;
• Facilitate the construction and operation of food processing facilities to process locally-grown produce, increase domestic food processing capabilities, and connect the country’s farmers to broader international markets; and
• The designation of Special Agricultural Processing Zones (SAPZ) in partnership with provincial governments and the national government, to be located in proximity to railways and major ports and facilitate more efficient in-flow and out-flow of raw and processed produce throughout the country and for export.

The non-binding MOU establishes the framework upon which Tingo and KPITB are expected to develop a binding definitive agreement in the coming weeks consistent with the terms described above.