World Bank approves USD 200 million to spur agricultural growth in Pakistan's Punjab province
Jul 17, 2022
Islamabad [Pakistan], July 17 : The World Bank has approved USD 200 million to spur agricultural growth in Pakistan's Punjab province amid the dwindling economy of the country.
"The agricultural sector in Punjab is central to Pakistan's economy and food security as it accounts for 73 per cent of the country's total food production," the World Bank said in a statement.
The financing is being made under the "Punjab Resilient and Inclusive Agriculture Transformation Project," which will support farmers in implementing innovative, climate-smart technologies to help the Punjab government achieve economies of scale to transform the agricultural sector, according to the bank statement.
Farm distress is on the rise in Pakistan. Farmers in Pakistan are facing adverse climatic and market conditions, according to International Forum For Rights And Security (IFFRAS).
The World Bank statement further read that the project will engage the private sector in sourcing appropriate technologies and providing training tailored for water user associations and individual households to improve water conservation practices and agriculture productivity.
It highlighted that the project will benefit about 190,000 small, family-owned farms and 1.4 million acres of irrigated land in rural communities in the province, adding that it will also provide training to small- and medium-sized farm owners on water conservation and more sustainable, climate-resilient agricultural practices, including for women.
