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The federal government of Bangladesh and the World Financial institution on Tuesday signed a financing settlement beneath which the lending company will present US$120 million for implementing the “Local weather Sensible Agriculture and Water Administration” undertaking.
Financial Relations Division (ERD) Secretary Fatima Yasmin and Performing World Financial institution Nation Director Dandan Chen signed the settlement on behalf of their respective sides.
The undertaking, to be accomplished by June 2026, shall be applied collectively by the Bangladesh Water Growth Board (BWDB) beneath the Ministry of Water Sources, Division of Agricultural Extension (DAE) beneath the Ministry of Agriculture, and Directorate of Fisheries (DoF) beneath the Ministry of Fisheries and Livestock.
Out of the entire mortgage quantity of US$120 million, some US$100 million shall be offered to the BWDB whereas US$10 million every to the DAE and DoF, stated an ERD press launch in the present day.
The World Financial institution will present the mortgage from IDA19 Scale up Window (SUW).
The speed of curiosity is Reference fee + Fastened Unfold with one time entrance finish charge 0.25 p.c of the credit score quantity, dedication cost 0.25 p.c each year on the undisbursed credit score steadiness. The financing shall have a maturity of 35 years, together with a grace interval of 5 years.
The aim of the mortgage is to rehabilitate and modernize flood management drainage and flood management drainage irrigation infrastructures for local weather resilient water sources administration.
To advertise extra environment friendly use of water sources by on-farm water use effectivity and adoption of local weather sensible agricultural practices beneath each crop and fisheries manufacturing methods.
Furthermore, the undertaking will improve agricultural productiveness and round 50 p.c irrigation water shall be saved on the crop discipline by no less than 12 local weather sensible applied sciences within the undertaking space. It would additionally enhance 20 p.c of fish manufacturing and productiveness by introducing local weather sensible aquaculture expertise.
Supply: BSS
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