Islamabad [Pakistan], July 17 (ANI): The World Bank has approved USD 200 million to spur agricultural growth in Pakistan's Punjab province amid the dwindling economy of the country.

"The agricultural sector in Punjab is central to Pakistan's economy and food security as it accounts for 73 per cent of the country's total food production," the World Bank said in a statement.

Also Read | UK Weather Forecast: Met Office Issues First-Ever Red Warning for Extreme Heat.

The financing is being made under the "Punjab Resilient and Inclusive Agriculture Transformation Project," which will support farmers in implementing innovative, climate-smart technologies to help the Punjab government achieve economies of scale to transform the agricultural sector, according to the bank statement.

Farm distress is on the rise in Pakistan. Farmers in Pakistan are facing adverse climatic and market conditions, according to International Forum For Rights And Security (IFFRAS).

Also Read | Reena Chhibber Varma, 90-Year-Old Indian Woman, in Pakistan To Visit Ancestral Home in Rawalpindi.

The World Bank statement further read that the project will engage the private sector in sourcing appropriate technologies and providing training tailored for water user associations and individual households to improve water conservation practices and agriculture productivity.

It highlighted that the project will benefit about 190,000 small, family-owned farms and 1.4 million acres of irrigated land in rural communities in the province, adding that it will also provide training to small- and medium-sized farm owners on water conservation and more sustainable, climate-resilient agricultural practices, including for women. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)