The government is to establish land banks in joint collaboration with the State and local level governments. The land banks will be established in 300 local levels, according to the budget estimates for fiscal year 2020/21 presented by Finance Minister Dr Yubaraj Khatiwada today.
The land banks are being established targeting the youths who will be returning home confined to the rural parts of the country due to Corona Virus. The government will thus establish such banks in 300 local levels in the coming fiscal year and utilize any barren land as well as government owned land for the purpose.
The land will be leased out to those who wish to do farming and cultivation. Such individuals or agencies will receive agro tools as incentives from the government.
A budget of Rs. 500 million has been allocated for share investment in the land banks.