The sum will be used to transform the agricultural industry through the adoption of climate-smart technologies.
Small farm access to water will be more efficient and equitable due to PRIAT, which will boost agricultural productivity.
The project will involve the commercial sector finding suitable technologies and training.
On Saturday, the Board of Executive Directors of the World Bank authorized $200 million in aid for Pakistan’s agricultural sector.
This money will be used to reform the agricultural sector by adopting climate-smart technologies to improve water-use efficiency, build resilience to extreme weather events, and increase small farmers’ incomes.
Punjab’s agricultural industry is vital to Pakistan’s economy and food security since it accounts for 73% of the nation’s total food production.
The Punjab Resilient and Inclusive Agriculture Transformation Project (PRIAT) would boost agricultural productivity by providing small farms with efficient and equitable water access.
According to a statement published by the World Bank, “it will enable farmers at the community and family levels to adopt climate-smart agricultural methods and technologies that boost crop yields and conserve water resources in Punjab.”
Director of Country Operations for Pakistan at the World Bank, Najy Benhassine, stated: “In recent years, Pakistan’s agriculture sector has experienced losses in crop yields and livestock, damage to irrigation infrastructure, and food shortages as a result of climate change, notably severe droughts in the Punjab province.
This initiative is consistent with the Punjab Agriculture Policy 2018, which promotes the considerable expansion of water conservation measures, strengthening sustainability and resilience in the face of climate change, and private sector participation to increase the sector’s production.
The lender said that PRIAT would assist farmers in implementing innovative, climate-smart technology to help the Punjab government achieve economies of scale and transform the agricultural industry.
The initiative will include the business sector sourcing appropriate technologies and delivering customized training for water user associations and individual families to enhance water conservation practices and agricultural productivity.
“The agriculture sector has a tremendous chance to increase climate resilience and improve economic conditions by increasing access to domestic and international markets,” explained Guo Li, the project’s Task Team Leader.
“PRIAT will assist in accelerating the government’s efforts to restructure the agri-food system through market-oriented production activities that add value, boost farmers’ competitiveness, and increase their incomes.”