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Sindh Bank to offer tractor loans

October 11, 2012

KARACHI, Oct 10: Sindh Bank will provide loans to growers for purchasing subsidised tractors to be distributed by the Agriculture Department under a scheme to be launched shortly.

The department plans to distribute 4,000 tractors with a subsidy of Rs200,000-Rs300,000 depending on engine capacity.

Secretary Agriculture Agha Jan Akhtar told this scribe on Wednesday that loans would be extended to only those farmers selected in the ballot for distribution of farm machines on concessional rates.

Registration of subsidised tractors with Motor Vehicle Registration Department has been made mandatory for the successful growers for obtaining ownership documents.

The department, however, has allowed selling of subsidised tractors to after utilising them for three years contrary to past practice when sale of subsidised vehicle was banned.

For eliminating complaints regarding price escalation, the Agriculture Department will enter into an agreement with the leading tractor manufacturers for fixing the prices of subsidised tractors for at least 30 days after the ballot.

Following the footsteps of Sindh, the Punjab government has announced a scheme to distribute 10,000 tractors among he farmers at subsidised rates for which balloting has already been completed at district level.

Meanwhile, the Sindh Agriculture Department has recommended cash dole-out of Rs5,000 to paddy growers of Kashmore, Jacobabad and Shikarpur districts where paddy crop on 750,000 acres has been destroyed by flood and rains.

The proposal has been sent to the Chief Minister Sindh for approval.