WB’s $858 million agriculture and road safety fund is closer

Date:

Post View:

WB’s $858 million agriculture and road safety fund is closer

BM Report

The government of Bangladesh and the World Bank signed two financing agreements totaling $858 million to enhance climate-resilient agricultural growth, food security, and road safety.

The World Bank said in a statement that the $500 million will be used to promote crop diversification, food safety, and climate resilience across the agri-food systems of Bangladesh. This program will support increasing entrepreneurship and access to services by expanding access to digital agricultural services tools, modernizing institutions and policies through improved data management, increasing research and development activities, and forming partnerships with global agricultural research institutions and the private sector.

“New frontiers of challenges, like increasing climate change impacts, now call for urgent actions. The World Bank is committed to helping Bangladesh overcome barriers to sustainable and inclusive green growth,” said Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan. “These two projects will be important to help the country remain on a sustainable growth path through boosting climate-resilient agricultural productivity and enhancing the income of hundreds and thousands of farmers, as well as protecting the people and the economy from the loss caused by untimely deaths, disabilities, and injuries resulting from road accidents.”

In addition, the $358 million is for improving road safety and reducing deaths and injuries from road traffic crashes on selected high-risk highways and district roads. On two national highways—N4 (Gazipur-Elenga) and N6 (Natore to Nawabganj)—the project will pilot comprehensive road safety measures, including improved engineering designs, signage and marking, pedestrian facilities, speed enforcement, and emergency care.

“These two projects will contribute to the country’s vision of achieving upper-middle income status by 2031,” said Sharifa Khan, Secretary, Economic Relations Division, Government of Bangladesh. “Our policies place high priority on ensuring nutrition, food security, climate-resilient agriculture, and road safety. These two projects will contribute to sustainable economic growth.”

The agreement was signed by Sharifa Khan and Abdoulaye Seck on behalf of Bangladesh and the World Bank, respectively.

The credits are from the World Bank’s International Development Association (IDA) and have a 30-year term, including a five-year grace period. The PARTNER project will also receive $43 million in co-financing from the International Fund for Agricultural Development (IFAD).

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

Mayor’s Cup T20 Cricket Tournament inaugurates in Shibganj

Chapainawabganj correspondent: Shibganj Mayor's Cup T-20 cricket tournament has been...

BGMEA and Magic Sourcing talks about working together to explore prospects in the US market

BM Desk: Ms. Pinar van der Vegt, Head of Sales,...

BFIU, AACOBB jointly hosts Officers Conference-2024 in Cox’s Bazar

BM Desk: A conference has been held in Cox's Bazar...

Islami Bank Foundation inks deal with PHA

BM Desk: A Memorandum of Understanding (MOU) on Health Education...