LAHORE: Punjab Provincial Cooperative Bank Ltd. (PPCBL) advanced cooperative loans of Rs. 9.9 billion from 1st July 2011 to 30th June 2012 to meet cash needs of the farming community, PPCBL President and CEO Liaquat Durrani said here on Tuesday.

He said the bank gave these loans through cooperatives societies to farmers for sowing, growing harvesting Kharif  and Rabi crops, which contribute more than 21 percent to the GDP. Besides, the cooperative bank issued credits to individuals for purchase of tractors, agriculture machinery, livestock, and machinery for industrial units against the gold jewellery collateral.

Durrani said that the bank has set a target of Rs. 4 billion for issuance of agriculture loans from 1st October to 31st December 2012 for development of the agriculture and industrial sectors.