ISLAMABAD (September 28 2007): Ministry of Food, Agriculture and Livestock (Minfal) has released funds of Rs one billion to be spent on different programmes of livestock, dairy and horticulture and capacity building of agricultural related institutions, sources told Business Recorder here on Thursday.
They said the amount will be invested in four provinces including Federally Administered Tribal Areas (Fata), Federally Administered Northern Areas (Fana), Azad Jammu & Kashmir (AJK) and Islamabad Capital Territory (ICT) within five years. The agriculture-related projects are yet to be identified in ICT wherein the allocated amount of Rs 21 million will be spent.
Sources said the amount of Rs 800 million will be invested in different projects of livestock, dairy and horticulture (fruits, vegetables and flowers) involving public and private sectors to promote the businesses. The Punjab got maximum portion of funds which is Rs 333 million to be spent only on horticulture related projects.
They stated that Rs 200 million out of the total amount have been earmarked for capacity building in the special areas and provinces deficient on agribusiness capacity.
The provision of this amount has been worked out on basis of need as reported by these special areas and provinces during the preparatory meetings and added the amount can be supplemented, if required, by the target areas from within their respective share under the investment components subject to requisite process of approval.
The project PC-1 provided the sum of one billion rupees over and above the project negotiated with Asian Development Bank (ADB) for Rs 3.066 billion comprising an ADB loan amount of Rs 1.860 million, government of Pakistan`s funding of Rs 414 million and beneficiary/private entrepreneur contribution of Rs 792 million, the sources said.