Bangladesh, IFAD ink $92.03m loan deal

Bangladesh and the International Fund for Agricultural Development (IFAD) on Tuesday signed a $92.03 million loan agreement, geared for vulnerable people in rural areas as well as infrastructure and market development in six northeastern districts of Bangladesh. The deal was inked in the presence of Bangladesh Prime Minister Sheikh Hasina at the IFAD Headquarters in Rome. Economic Relations Division (ERD) Secretary Kazi Shafiqul Azam and IFAD President Gilbert F Houngbo signed the deal on behalf of their respective sides. Finance Minister AMA Muhith, Agriculture Minister Matia Chowdhury, and Foreign Minister AH Mahmood Ali were present on the occasion, among others. Briefing reporters after the event, Foreign Secretary Md Shahidul Haque said a project titled “Promoting Resilience of the Vulnerable thru' Access to Infrastructure, Improved Skills and Information (PROVATI)” will be implemented in six northeastern districts of Bangladesh under the agreement. The districts are Panchagarh, Dinajpur, Nilphamari, Rangpur, Gaibandha and Jamalpur, the foreign secretary said. He added that 330,000 households in these districts will directly benefit from the six-year scheme which is set to begin this year. Shahidul further said that IFAD will provide a loan of $63.25 million and a grant of $1.25 million, while the government of Bangladesh will provide $27.09 million to the total project cost.