WB gives $176m for agriculture

The World Bank will provide $176.06 million in low-cost loans to Bangladesh to help the country increase its agricultural productivity and create access to markets for more than one million poor farmers, particularly women.

The multilateral lender yesterday signed a financing agreement to this effect at the Economic Relations Division in Dhaka under the Second National Agricultural Technology Programme.

The scheme will help increase and diversify productivity of crops, livestock and fisheries, and enhance poor farmers' access to markets. The project will also enhance nutrition by ensuring food safety and more diversified food consumption.

By emphasising demand-driven research and modern agricultural technology, the project will increase farm yields and adaptation to climate change, the WB said in a statement.

"Building on the success of earlier World Bank support, this project will help achieve food security, improve resilience to climate change, and enhance nutrition through safer and more diversified food,“ said Qimiao Fan, country director of the WB for Bangladesh, Bhutan and Nepal. 

"Bangladesh has done remarkably well in improving agricultural productivity and food security. With more than 40 percent of the total workforce engaged in agriculture, the sector plays an important role in the country's growth and development."

The project will be implemented in 57 districts where it will benefit small-scale farmers through stronger linkages with research, agricultural extension services, farmer groups, and on-farm demonstrations to promote improved agricultural technologies. The project will focus on training for farmers and agricultural extension field staff to ensure knowledge sharing and technology transfer.

Fan and ERD Senior Secretary Mohammad Mejbahuddin signed the agreement.