WB to provide US$120m for climate smart agriculture, deal
Sunbd Desk || Published: 2022-03-15 15:48:50 || Updated: 2022-03-15 15:48:50
The government of Bangladesh and the World Bank on Tuesday signed a financing agreement under which the lending agency will provide US$120 million for implementing the “Climate Smart Agriculture and Water Management” project.
Economic Relations Division (ERD) Secretary Fatima Yasmin and Acting World Bank Country Director Dandan Chen signed the agreement on behalf of their respective sides.
The project, to be completed by June 2026, will be implemented jointly by the Bangladesh Water Development Board (BWDB) under the Ministry of Water Resources, Department of Agricultural Extension (DAE) under the Ministry of Agriculture, and Directorate of Fisheries (DoF) under the Ministry of Fisheries and Livestock.
Out of the total loan amount of US$120 million, some US$100 million will be provided to the BWDB while US$10 million each to the DAE and DoF, said an ERD press release today.
The World Bank will provide the loan from IDA19 Scale up Window (SUW).
The rate of interest is Reference rate + Fixed Spread with one time front end fee 0.25 percent of the credit amount, commitment charge 0.25 percent per annum on the undisbursed credit balance. The financing shall have a maturity of 35 years, including a grace period of five years.
The purpose of the loan is to rehabilitate and modernize flood control drainage and flood control drainage irrigation infrastructures for climate resilient water resources management.
To promote more efficient use of water resources through on-farm water use efficiency and adoption of climate smart agricultural practices under both crop and fisheries production systems.
Moreover, the project will enhance agricultural productivity and around 50 percent irrigation water will be saved on the crop field through at least 12 climate smart technologies in the project area. It will also increase 20 percent of fish production and productivity by introducing climate smart aquaculture technology.
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