LAHORE: Punjab Chief Minister Maryam Nawaz Sharif has announced plans to establish the province’s own farmers’ bank and provide agricultural loans of up to Rs100 million without interest under a proposed financing structure.
Addressing a delegation of farmers on Wednesday, she said the initiative was aimed at improving access to finance and addressing the challenges faced by the agricultural community.
Under the announced financing terms, loans of up to Rs100 million would carry zero markup, while financing of Rs300 million would be offered at an interest rate of 2% and loans of Rs500 million at 5%, according to the reported announcement.
The chief minister also announced a wheat support price of Rs4,500 per maund and an increase in financing under the Kisan Card scheme. The per-acre loan limit is being raised from Rs30,000 to Rs33,500, an increase of Rs3,500.
She also announced a special package to promote olive cultivation and urged farmers not to burn crop residue, citing the need to address smog.
Agricultural support initiatives
According to figures shared during the announcement, more than one million small farmers are benefiting from the Kisan Card programme, while 25,000 tractors have been provided on subsidised terms. A further 50,000 tractors are planned under the subsidy initiative.
The provincial government has also outlined support for agricultural mechanisation, with Rs70 billion earmarked for high-tech machinery, alongside programmes to facilitate access to farming equipment on a rental basis.
Maryam Nawaz said agricultural financing had expanded significantly, with the provincial agriculture budget rising from Rs15 billion to Rs400 billion. She also cited investment in livestock development and the construction of 400 mini-dams in the Potohar region.
The chief minister said the province was working to improve agricultural productivity, reduce farmers’ costs and strengthen food security. She also claimed that government measures had curbed the black marketing of fertilisers and other agricultural inputs.
The announcements come as farmers continue to seek affordable financing, reliable access to agricultural inputs and support for production costs.
