Bangladesh will get $40 million in loan from International Fund for Agricultural Development, a specialised financial institution of the United Nations, to provide 4.52 lakh rural people across the country with financial services and technical trainings. The fund will be spent under a $92.82 million project — Promoting Agricultural Commercialisation and Enterprises — for establishing link to small farmers and micro-entrepreneurs with markets and creating new employment opportunities for poor men and women in the rural areas.
ERD senior secretary Mohammad Mejbahuddin and IFAD country programme manager Hubert Boirard on Thursday signed an agreement at a programme held at ERD in this connection.
Palli Karma Sahayak Foundation will contribute $22.40 million and its partner organisations will provide $30.04 million for the project.
The project will be implemented in between 2015 and 2021 by the PKSF under Bank and Financial Institution Division of the finance ministry.
Bangladesh will have to pay 0.75 per cent interest for the loan which is payable by 40 years with 10 years of grace period.
After the signing ceremony, Boirard told New Age that IFAD had been providing the rural people, particularly engaged in agriculture, livestock and fisheries activities, with assistance through various projects.
The new project will address some of the main causes of poverty including low productivity in agriculture and access to market and technology in rural areas, he said.
The financial support and training under the project will create employment and allow small businesses to take advantage of market opportunities and engage them in the use of new technologies, the IFAD country programme manager added.
Since, 1978, IFAD has provided Bangladesh with $673.9 million in 30 projects with a target to benefit nearly 9.3-million households.
-With New Age input
