$62.6m IDA loan to give boost to farm sector

Bangladesh on Thursday signed a loan agreement with International Development Association under which it will receive $62.6 million to improve agricultural productivity and farm income by revitalising the national agricultural technology system. The additional ERD secretary, Mohammad Mesbahuddin, and the World Bank acting country director, Mohamed Alhousseyni Toure, signed the agreement for their respective sides at the NEC auditorium. The National Agricultural Technology Project is designed to promote generation, dissemination, adoption and use of appropriate agricultural technologies through a number of policy reforms, institutional development and investment to support agricultural research, extension and supply chain development. The development of supply chains will focus on strengthening farmer-market linkages, knowledge management and human resources development. The credit from the IDA, the World Bank's concessionary arm, has 40 years to maturity with a 10-year grace period and carries a service charge of 0.75 per cent.