Bank loans

Bangladesh secures $120 million in World Bank loans to improve food security

| Update:
Mar 18, 2022 8:37:35 a.m.

Bangladesh and the World Bank have signed a $120 million financing agreement to improve production from irrigated agriculture and fisheries and boost the incomes of 170,000 poor people vulnerable to climate change, reports

By upgrading flood management, drainage and irrigation infrastructure, the climate-smart agriculture and water management project will improve climate resilience, the World Bank said in a statement on Thursday.

“Bangladesh’s success is firmly rooted in the agricultural sector. With a large population and scarce arable land, it is a major achievement for the country to reach its level of food production today. But climate change and increasing natural disasters are threatening food security,” said Dandan Chen, the World Bank’s acting director for Bangladesh and Bhutan.

“The project will help Bangladesh maintain food security by protecting crops and fisheries through better management of floods, irrigation and drainage systems with the active participation of local communities, and with particular emphasis on regulation of excess water during monsoon and post-monsoon water deficits.”

The project will rehabilitate 19 flood management, irrigation and drainage systems in poor and climate-vulnerable areas and provide training to 100,000 farmers on climate-smart agricultural technologies, crop diversification and management. post-harvest.

Cold stores will be set up to support rice, fish and shrimp farming and efforts will be made to improve local markets.

The World Bank estimates that this will increase the productivity of fisheries by almost 37%, that of vegetables by 10% and that of rice by 7.5%.

The credit comes from the World Bank’s International Development Association and has a term of 35 years, including a five-year grace period.