September 26, 2020

World Bank Approves $171 Million Loan For Agriculture Sector Of KPK

World Bank has recently given a loan of $171 million to Pakistan, to elevate the agriculture sector of KPK. The loan has a maturity date of 30 years and has been paid through the International development association, an arm of the World Bank.

The project for which the loan is given is named the KP Irrigated Agriculture Improvement project and is placed under a senior agricultural specialist, Mr. Muhammad Riaz. The project has the following aims:

1- Rehabilitating community watercourses

2- Establishing water users associations

3- Introducing a high-efficiency irrigation system and laser land leveling

4- Educating farmers on technical skills

5- Educating farmers on agricultural market opportunities and constraints.

 

Illango Patchamuthu, World Bank Country Director of Pakistan, said in a statement that, “Agriculture accounts for a fifth of Pakistan’s economy and employs almost half the labor force in the country”. He further said that “this project will boost the rural economy in KPK by benefiting millions of small farmers to diversify crops, improve productivity and increase household incomes”.

The agriculture sector in Pakistan, although being the backbone of the economy, suffers from a lot of ill practices. These practices not only decrease the productivity of the land but also inflict irreversible damage on the land. For instance, in America, the average yield of a hectare of land is 4.49 metric tons of wheat and per hectare yield in Pakistan is 3.06 metric tons of wheat. So, projects like these will definitely be beneficial to the agricultural sector of Pakistan.

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