Wednesday, November 14, 2018, 11:51:36 AM

Bangladesh, IFAD ink $92m loan deal

Mohiuddin Mahmud, Senior Correspondent |
Update: 2018-02-13 10:36:37 PM
Bangladesh, IFAD ink $92m loan deal
PM Sheikh Hasina at IFAD HQ in Rome, Italy

DHAKA: Bangladesh and the International Fund for Agricultural Development (IFAD) signed a loan agreement involving 92.03 million US dollars on Tuesday (February 13).

The deal was inked in the presence of Prime Minister Sheikh Hasina at the IFAD Headquarters.

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, among others, were present on the occasion.

After the event, Foreign Secretary Md Shahidul Haque briefed reporters about the agreement. 

Under the agreement, a project titled 'the Promoting Resilience of the Vulnerable thru' Access to Infrastructure Improve Skills and Information (PROVATI)' will be implemented in six northeastern districts of Bangladesh, he said.

The districts are Panchagarh, Dinajpur, Nilphamari, Rangpur, Gaibandha and Jamalpur.

He added that 3.30 lakh households of these districts will be directly benefitted from the six-year (2018-2024) scheme beginning this year.

Haque said of the total project cost, the IFAD will give a loan of 63.25 million US dollars and the grant is 1.25 million US dollars, while the government of Bangladesh will provide 27.09 million US dollars.

The foreign secretary also said the IFAD's Governing Council Meeting that kicked off in Rome today also a "pledging session" as different countries have pledged to give money to the IFAD through this event.

Bangladesh Ambassador to Italy Abdus Sobhan Sikder, who was present at the briefing, told reporters that the LGRD ministry will implement the PROVATI Project.

The ambassador said another project is at the negotiation stage between Bangladesh and the IFAD.

"IFAD President Houngbo told the prime minister about the development of Bangladesh and its potentiality repeatedly and highly appreciated her leadership," the foreign secretary said.

BDST: 0935 HRS, FEB 14, 2018

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