The banking sector has disbursed agri credit of around
Governor SBP Ashraf Mahmood Wathra said that SBP has long been making efforts to enhance the flow of credit to agriculture; resultantly, the agricultural disbursements registered steady growth and rose to
The revised target for 2013-14 was set at
Briefing the annual meeting of the
Referring to the indicative target for 2014-15 of
The Governor requested the national and provincial government representatives to give their assurance and commitment to provide all kinds of support to the banking industry, especially agriculture lending banks for smooth operations. He also urged upon banks that this is a high time to play a meaningful role in the achievement of national goals of growth and development by channeling adequate financial resources to the agriculture sector.
The Governor also pointed out that the share of banks’ credit to agriculture is around 5.7% of their total advances and the total outreach is to just over 2.15 million borrowers as against 8.3 million farm households in the country. This indicates ample room for enhancement of agriculture portfolio by the banks. Further, according to estimates, only 35 to 40 percent credit requirement of agricultural sector is being met by the formal banking system while the remaining is fulfilled through non-institutional credit sources.
Finance Minister who later joined the occasion said that the key to improving agriculture productivity is access to high yielding inputs and markets and most importantly the access to credit whenever it is needed.
Therefore, keeping in view the vital role of agriculture in ensuring food security, reducing poverty, generating economic growth and complementing the industrialization as most of our industries acquire major input from agriculture sector the government is committed to develop a sustainable & profitable agriculture sector.
It has been decided to establish a
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