Economic Reporter :
The government of Bangladesh, Asian Development Bank (ADB) and stakeholders at a seminar on Sunday discussed financial protection options to mitigate risks in Bangladesh’s agricultural sector.
The two-day international seminar on “Financial Protection towards Agriculture Risk Mitigation in Bangladesh” was opened at a city hotel on Sunday.
Chairman of Insurance Development and Regulatory Authority (IDRA) Md Safiqur Rahman Patwari spoke at the seminar as the chief guest while ADB Country Director for Bangladesh and Manmohan Parkash was the guest of honor.
Additional Secretary of Financial Institutions Division Arijit Chowdhury, and Member, IDRA Gokul Chand Das were present as special guests.
Experts from Bangladesh, India, Spain, and Turkey also joined the working sessions discussing technical aspects and tools on safety nets and risks mitigation in agriculture, said a press release.
The event is sponsored by an ADB technical assistance project titled “weather index-based crop insurance” financed by the Japan Fund for Poverty Reduction (JFPR).
The project supported the government to pilot weather index-based crop insurance in three districts – drought-prone Rajshahi, flood-prone Sirajganj and cyclone-prone Noakhali.
Speaking at the seminar, Chairman of IDRA, Md Shafiqur Rahman Patwari said the regulator is supportive of the government’s initiatives and crafting an enabling environment for the development of this vital segment of the insurance business.
ADB Country Director Manmohan Parkash said ADB is encouraged by the success of the weather index-based crop insurance pilots and the potential for scale-up.
