Punjab Chief Minister Muhammad Shehbaz Sharif was the chief guest of the ceremony held at Model Town on Thursday.
Secretary Agriculture Capt (retd) Muhammad Mehmood on behalf of Punjab government whereas Country Director of World Bank in Pakistan Patchamuthu Illangovan signed the agreement.
According to the agreement, World Bank will provide technical assistance to the Punjab government for promoting agriculture, increasing per acre yield, stabilizing agri economy and using water resources in the province.
World Bank will also extend cooperation regarding implementation of modern technology for promoting agriculture on lasting basis.
Addressing the signing ceremony, the Chief Minister said the agreement between the Punjab government and World Bank augurs well and agri-economy and prosperity of villages will be promoted through its implementation.
He said the agreement signed with World Bank was a milestone in the development of the agriculture sector.
He said World Bank would cooperate in introducing successful models of the world especially Brazil for development of the agriculture sector in Punjab.
He said the agriculture sector of Pakistan especially Punjab had proved its metal in the world and today's agreement signed with World Bank would supplement government efforts for developing agri sector and bringing prosperity in rural areas.
The chief minister said that under the leadership of Prime Minister Muhammad Nawaz Sharif, full attention was being paid to agriculture.
He said federal and Punjab governments had given packages of billions of rupees for prosperity of cultivators and relief had been provided to them especially small farmers through these packages.
He said that the country would become prosperous with the prosperity of farmers.
Kisan Packages of billions of rupees had been announced for this purpose, he added.
He said the agri sector would be set on modern lines for the uplift of agri economy and prosperity of farmers.
He said besides use of agri machinery and implements, scientific techniques will have to be implemented for increasing agri production.
Shehbaz Sharif said proper use of fertilizer and water will also play an important role in the development of agriculture sector.
He said that World Bank was an important partner in the progress and prosperity of Pakistan and cooperation of World Bank in the uplift of agri sector is welcomed.
He said that concerned minister, secretary and institutions should come forward and accept the challenge for the stability of agri sector.
A joint steering committee headed by Chief Minister Shehbaz Sharif was constituted for implementing roadmap of agreement.
This committee will determine the roadmap and implement speedily.
Speaking on the occasion, Country Director of World Bank said that timeline would be settled within six weeks for implementing the programme.
He said that there was a great potential in the agriculture sector in Punjab and added that joint efforts would be made with the Punjab government for utilizing this potential.
Provincial Ministers Yawar Zaman, Dr. Farrukh Javed, Ayesha Ghaus Pasha, Chief Secretary, Chairman Planning & Development, Senior Director of World Bank for Agriculture Juergen Voegele and other senior officers were also present.