Food security: Bangladesh, WB sign $120m financing deal

The government and World Bank have signed a $120 million financing agreement to help improve the irrigated agricultural and fisheries production and increase the incomes of 170,000 poor people vulnerable to climate change.

The Climate-Smart Agriculture and Water Management Project will improve climate resilience by modernising flood management, drainage and irrigation infrastructures.

The project will help with climate resilient and improved irrigation, flood management and drainage service covering 120,000 hectares of land, which will reduce damage to crops from floods by 60 percent, said the global lending agency yesterday.

"Bangladesh's success is well-rooted in the agriculture sector. With a large population and scarce arable land, it is a major accomplishment for the country to achieve its level of food production today. But the climate change and increased natural disasters pose threat to food security," said Dandan Chen, acting WB country director for Bangladesh and Bhutan.

The agreement was signed by Fatima Yasmin, secretary, Economic Relations Division, and Dandan Chen on behalf of Bangladesh and World Bank, respectively.

The credit is from the World Bank's International Development Association (IDA), and has a 35-year term, including a five-year grace period.