World Bank approves $200 million in loan for Punjab’s farm development project

By Staff Reporter

ISLAMABAD: The World Bank (WB) has agreed to provide a $200 million loan for Punjab Resilient & Inclusive Agriculture Transformation (PRIAT) project.

This project will be implemented in the largest populated province of the country over five years period.

The total cost of the project will be standing at $326 million out of which $200 million or 61 percent will be provided by the WB, $50 million will be provided by the provincial government while the remaining $76 million will be contributed to the beneficiaries of the project.

The project will be implemented throughout Punjab in 5-Years. It comprises four major components that include a) community-driven improvement of water conveyance and application; b) promotion of climate smart high-value production, regenerative agriculture, crop diversification, agriculture value addition, and inclusive access to markets; c) project management, monitoring, and learning; and d) contingent emergency response component.

After getting approval of the ECNEC, now it is expected that the WB’s Board will grant its approval of the project within next couple of months.