Chandigarh: State-owned Punjab Agro Industries Corporation (PAIC) today inked an agreement with UCO Bank to finance green houses projects in the state. This initiative will facilitate financing for green houses projects and will provide fillip to crop diversification in the state, an official spokesman said.
Farmers who are engaged in hi-tech farming for growing vegetables have been facing difficulties in getting the high value projects financed from the banks. Green House projects costs Rs 35-40 lakh per acre and banks are generally hesitant in financing such high value farming operations.
UCO Bank will work closely and provide requisite finance to farmers through 182 Branches of UCO Bank in the state. He further said Punjab Government shall extend 50 per cent subsidy on the construction of Green Houses under National Horticulture Mission and 300 farmers have already set up high tech green houses in the state.
K S Pannu, Managing Director, Punjab Agro Industries Corporation said Punjab Agri Export Corporation (PAGREXCO), a subsidiary of PAIC, is engaged in encouraging and organising the farmers to undertake Green House cultivation and to forge backward and forward linkages in the production process.