Dhaka, Bangladesh (CU)_ The World Bank has sanctioned a $120 million loan to Bangladesh in support of boosting food security through improved climate stability and irrigated agriculture and fisheries productivity. According to a media statement, the Climate-Smart Agriculture and Water Management Project will recover and revamp public Flood Control, Drainage, and irrigation systems. This aid will further boost irrigation and drainage facilities across 115,000 hectares, reducing flood damage to crops by 60%. The project also aims to raise the incomes of 1,70,000 poor people who are susceptible to climate change. Women would benefit more through this project.
Mercy Tembon, World Bank country director for Bangladesh and Bhutan said, “In Bangladesh, more than 70 per cent of the population is dependent on agriculture for their livelihood but their exposure to climate change and natural disasters makes them vulnerable”. She added, “Climate-resilient water management provided in this project combined with increased agricultural productivity will ensure income growth, protect livelihoods and build resilience of the local communities to climate change”.
The project has established 19 FCI schemes for recovery in low-income and climate-vulnerable areas. Farmers will also receive training in climate-smart technology, crop experimentation, and post-harvest management. The project will also help to encourage coastal aquaculture, including rice and fish/shrimp farming integration, the establishment of cold storage facilities, and the improvement of local markets. According to the study, this will increase fisheries productivity by nearly 40% and rice productivity by 7.5 percent.
Abel Lufafa, World Bank senior agriculture specialist and task team leader for the project said, “Flood control and drainage systems play a critical role to ensure agricultural productivity and growth”. He said, “Repairing and upgrading of the selected schemes will improve their capacity to regulate the excess water during the monsoon and water deficits in the post-monsoon period”.
The credit which has a 35-year term and a five-year grace period comes from the International Development Association of the World Bank. Bangladesh currently has over 13.5-billion-dollar worth largest ongoing IDA program. One of the first development partner of Bangladesh is World Bank. After independence, the World Bank has contributed more than $33.5 billion in subsidies, interest-free and concessional loans to the nation.
