ACAC allocated Rs270 billion to agriculture sector in 2010-11

ISLAMABAD: The Agriculture Credit Advisory Committee (ACAC) has allocated Rs270 billion for agriculture sector during the outgoing year 2010-11.

Official sources told APP here that credit requirement for the next financial 2011-12 had been worked out as Rs525 billion.

Out of total credit target of Rs270 billion, Rs132.4 billion are allocated to five commercial banks, Rs81.8 billion to ZTBL, Rs6.9 billion to Punjab Provincial Cooperative Bank Ltd, and Rs48.9 billion to Domestic private banks, they added.

The ACAC has also allocated province wise and sector wise targets whereby 78 percent, 14 percent, 6 percent, 1.5 percent, and 0.5 percent to be disbursed in Punjab, Sindh, KPK, Balochistan, and AJK/GB, respectively.

Banks disbursed Rs124.9 billion, (Rs117.1 billion production loans, and Rs7.8 billion development loans) during July-January, 2010-11 as compared to Rs124.2 billion Rs111.3 billion production loans and Rs12.9 billion development loans, during July-January 2009-10, showing an increase of 0.57 percent.

"This shows an increase of Rs0.7 billion (in absolute terms) over the disbursement made by the banks during the same period of last year", they said.

Copyright APP (Associated Press of Pakistan), 2011