Ifad, Gov conclude loan negotiation for Tk7,214cr-project to transform agriculture
Corporates
A loan negotiation for financing a Tk7,214cr programme to promote crop diversification, entrepreneurship, and climate resilience was concluded on Wednesday.
The International Fund for Agricultural Development (Ifad) conducted the negotiation with the Economic Relations Department (ERD) of the Ministry of Finance for the "Programme on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER)", co-financed by the World Bank.
On receiving approval from IFAD's executive board, PARTNER will ensure food and nutrition security for five million people in rural Bangladesh.
On approval, PARTNER will be implemented nationwide by seven departments of the Ministry of Agriculture to bring a major transformational shift in the agricultural sector through interventions spanning extension, research, infrastructure, and marketing.
Proposed activities include the introduction of digital smart cards to provide effective extension services, improved export opportunities for high-value crops, promotion of Good Agricultural Practices (GAP), and investments to install improved laboratory and testing facilities for agricultural products. The project will seek to improve the agriculture sector's resilience to climate change over the long term by improving irrigation systems and demonstrating climate-smart practices to smallholder farmers.
The loan negotiation was led by Md Hafizur Rahman, additional secretary of ERD, and Arnoud Hameleers, Ifad country director for Bangladesh.
"This programme will play a pivotal role in rural transformation in Bangladesh, and Ifad looks forward to collaborating with its longstanding partners, Bangladesh and the World Bank, to successfully implement PARTNER and support the country's efforts to achieve sustainable and inclusive economic growth," said Arnoud Hameleers.
The five-year programme will be financed by loans of $43 million from Ifad and $500 million from the World Bank, and a commitment of $800 million by Bangladesh.
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