LAHORE: The Punjab Livestock Department and a public bank signed a memorandum of understanding (MoU) here on Tuesday for the issuance of interest-free loans worth Rs11 billion to farmers under the Livestock Card scheme.

Under the scheme, the provincial government will bear interest for the loans to be offered to 80,000 livestock farmers for fattening 400,000 animals.

The MoU was signed by Livestock Secretary Saqib Ali Ateel and Bank of Punjab President Zafar Masood.

Minister for Livestock and Agriculture Ashig Kirmani and parliamentary secretary Sardar Asim Maken were also present.

Mr Kirmani said that the loan would be given at the rate of Rs27,000 per animal in equal quarterly installments and each farmer may apply for a maximum of 10 animals, while the livestock card would become operational from Dec 15.

The beneficiaries could purchase silage and other kinds of animal feed from registered dealers in Punjab under the scheme, he said, adding the department would also manage tagging, vaccination and insemination of these animals.