UNB, ‘Dhaka :
The government and the International Fund for Agricultural Development (IFAD) on Thursday signed a $ 40 million loan agreement that will provide financial services and technical training to 452,000 rural men and women in rural areas throughout the country.
The project – Promoting Agricultural Commercialization and Enterprises (PACE) – will put in place mechanisms to link small farmers and micro-entrepreneurs to markets and create new employment opportunities for poor people in rural areas.
Senior Secretary of Bangladesh Finance Ministry Mohammad Mejbahuddin and IFAD Country Programme Manager Hubert Boirard signed the loan deal to finance PACE in Dhaka.
With a total cost of $92.9 million, the IFAD-supported project is co-financed with additional contributions from the Palli Karma-Sahayak Foundation (PKSF), its partner microfinance institutions and the Republic of Korea.
“Our experience shows that investing in and building the capacity of rural people to become micro-entrepreneurs in the agricultural sector bears excellent results,” said Boirard.
“Such investments create employment opportunities and the training and financial support will allow small business owners to take advantage of market opportunities and engage in the use of new technologies.”
This new project will address some of the main causes of poverty in rural Bangladesh, including limited land, low agricultural productivity and limited access to technology and markets resulting in a lack of job opportunities for the landless and ultra poor.
In addition to providing financial services and training, the project will facilitate in developing sustainable businesses opportunities in the agricultural sector.
About 80 percent of the population of Bangladesh live in rural areas and are mainly engaged in agriculture and related non-farm activities. “By investing in new ways for rural people, especially women, to generate an income, this IFAD project is contributing to household food security and improved nutrition,” Boirard added. Since 1978, IFAD has invested a total of $673.9 million in 30 projects in Bangladesh benefitting nearly 9.3 million households.
The government and the International Fund for Agricultural Development (IFAD) on Thursday signed a $ 40 million loan agreement that will provide financial services and technical training to 452,000 rural men and women in rural areas throughout the country.
The project – Promoting Agricultural Commercialization and Enterprises (PACE) – will put in place mechanisms to link small farmers and micro-entrepreneurs to markets and create new employment opportunities for poor people in rural areas.
Senior Secretary of Bangladesh Finance Ministry Mohammad Mejbahuddin and IFAD Country Programme Manager Hubert Boirard signed the loan deal to finance PACE in Dhaka.
With a total cost of $92.9 million, the IFAD-supported project is co-financed with additional contributions from the Palli Karma-Sahayak Foundation (PKSF), its partner microfinance institutions and the Republic of Korea.
“Our experience shows that investing in and building the capacity of rural people to become micro-entrepreneurs in the agricultural sector bears excellent results,” said Boirard.
“Such investments create employment opportunities and the training and financial support will allow small business owners to take advantage of market opportunities and engage in the use of new technologies.”
This new project will address some of the main causes of poverty in rural Bangladesh, including limited land, low agricultural productivity and limited access to technology and markets resulting in a lack of job opportunities for the landless and ultra poor.
In addition to providing financial services and training, the project will facilitate in developing sustainable businesses opportunities in the agricultural sector.
About 80 percent of the population of Bangladesh live in rural areas and are mainly engaged in agriculture and related non-farm activities. “By investing in new ways for rural people, especially women, to generate an income, this IFAD project is contributing to household food security and improved nutrition,” Boirard added. Since 1978, IFAD has invested a total of $673.9 million in 30 projects in Bangladesh benefitting nearly 9.3 million households.
