SMART project will shift PKR 55 billion i.e, about $520 million a year is currently spent on inefficient and ineffective subsidies towards ‘SMART’ input subsidies for small farmers.
Agricultural research, and farmers’ training World Bank for modernizing agriculture in Punjab has approved for $300 million funding.
Punjab will be provided $300 million funds to raise incomes of farmers, provide consumers superior quality and safer food at lower prices, create jobs on farms and agribusinesses, and improve the use of irrigation water, under the Strengthening Markets for Agriculture and Rural Transformation (SMART) project of WB.
WB’s SMART project provides reforms for agriculture and livestock productivity, and improve its resilience to climate change and grow agribusiness in Punjab over the next five years.
“Farming in Punjab has extraordinary potential, however, requires a change in perspective to open development paths. The Government of Punjab is resolved to enable farmers to develop high-yield crops and essentially increment in their lives.
The program is assessed to make 350,000 occupations and lift 1.7 million individuals from destitution. The Bank stands prepared to help the Government of Punjab in this undertaking”, said Illango Patchamuthu, World Bank Country Director for Pakistan.
Additionally, SMART will help to improve the sustainability of agricultural production by firming up the management of irrigation water and tackle groundwater reduction.