ZTBL needs to raise Rs895bn in 4-5yrs: WB

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ISLAMABAD: The World Bank Mission was informed that the Zarai Taraqiati Bank (ZTBL) needs to enhance its credit amount for middle term up to Rs895 billion during next 4-5 years in order to meet the increasing demands of loans and to increase the growth rate of the agriculture sector of Pakistan.

"The ZTBL is currently financing Rs70 billion which is very small as against the demands and there is a big gap between demand and supply which is increasing with the passage of time", President ZTBL Chaudhry Zaka Ashraf informed the WB mission during a meeting held here.

The WB mission headed by Jose Lopez Calix with its members Alberto Baldes and Muhammad Waheed visited the bank to overview the steps taken by ZTBL for developing trade and export policy of agriculture sector of the country.

Chaudhry Zaka said "if the WB cooperates economically with ZTBL, it can help bring extraordinary development in agriculture sector including crops production, diary farming, use of modern techniques in crop cultivation, and export of fruits, vegetables and flowers."

During the meeting Jose Lopez appreciated the bank's efforts to improve its recovery system in terms of loans being disbursed among the farmers.

Chaudhry Zaka Ashraf said that this became possible due to the special efforts of the bank's officials and also due to surge in prices of agriculture products.

The President ZTBL further said that the ZTBL was the only bank, which was helping the farmers and its branches are working across the country. He said the bank was helping the farmers by providing them agriculture loan with only 8 per cent mark up for the development of agriculture sector in the country.

He further informed that ZTBL was dispatching its experts to the farmer's for providing them training about new technology for enhancing crop production per acre.

"By using the new technology in agriculture sector the farmers are now able to produce 80 maunds of wheat, 1500 maunds sugarcane, 80 maunds cotton and 70 maunds rice per acre", he added.

The World Bank team appreciated the ZTBL over the efforts being made for the development of agriculture sector. (APP)