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ADBP to grant Rs.35 bln to farmers
ISLAMABAD-Agricultural Development Bank of Pakistan (ADBP)
will grant Rs.35 billion loan to the farmers for increasing
agriculture growth during current fiscal year, said Chairman
ADBP, Istaqbal Mehdi.
"Out of this amount Rs.4 billion has been allocated for
launching of an action plan for the development of new areas
including edible oil, tea plantation, fishing, Bee keeping so
as to reduce imports and enhance export of the country,", he
said while talking to APP here on Friday.
He said these loans will be given on marginal mark up rate to
encourage the growers to pay more attention in the growth of
new projects.
Istaqbal Mehdi pointed out that last year, ADBP disbursed
Rs.27 billion among the farmers, out of which, 75 percent was
granted for purchase of seeds, fertilizers, pesticides.He said
a target of Rs.39 billion has been set for recovery of
outstanding loans during current year and appropriate measures
are being taken in this connection to achieve the goal.To a
question about new policies, Chairman ADBP said all on
going policies would continue, however, required changes would
be introduced for improvement.
"We are examining the institutional capacity and
infrastructure of the bank to identify the problems creating
hinderance in its smooth functioning," he added.He said, "We
are trying to increase funding capacity to meet the
requirements of customers so that prime objective of the
institution may be fulfilled". The Chairman informed that a
task force has been set up to review the past affairs of the
bank and evolve a viable strategy towards future course of
action.
The bank, he added, has announced a package under which any
borrower who timely pays back his debt will be given relief in
the interest rate.
He said certain measures are underway to streamline the credit
scheme and simplify the forms enabling the farming community
to get the credit sans difficult procedure.
To a question, Istaqbal Mehdi said, the bank would ensure
quick disbursement of the micro loan within the stipulated
fiscal year, enabling the deserving people to set up
their own business for earning their livelihood.
He was of the view that micro credit scheme would effectively
check the sprouting incidence of poverty in the country by
providing means of earning in different sectors of the
economy.
The Nation, 21 September, 2001
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