LAHORE: The World Bank (WB) will be providing a Rs300 billion loan to the Punjab government for development of the agriculture sector.
According to the Punjab Agriculture Department, the loan would be utilised for improving the financial conditions of the farmers under the government’s Strengthening Markets for Agriculture and Rural Transformation (SMART) programme.
Earlier in December 2017, the World Bank’s Board of Executive Directors had approved the loan under the SMART programme for Punjab.
The SMART project aims to modernise agriculture in Punjab to raise farmers’ incomes and give consumers better, safer quality products at lower prices.
It also aims to create jobs on farms and agribusinesses and improve the use of irrigation water, according to a WB statement.