The New Nation - Internet Edition

Staff Reporter

The Government yesterday signed an IDA credit worth US$ 62.6 million agreement with the World Bank to improve agricultural productivity and farm income.

Additional Secretary of Economic Relations Division Mohammad Mesbahuddin and Acting Country Director of World Bank in Bangladesh Mohamed Alhousseyni Toure signed agreement on behalf of the Government and the World Bank respectively at the NEC Auditorium in the capital last afternoon.

The WB's concessionary arm-International Development Association (IDA) will provide the loan to improve agricultural productivity and farm income by revitalizing the national agricultural technology system.

The credit (US$ 62.6 million) from the IDA has 40 years to maturity with a 10-year grace period; it carries a service charge of 0.75 per cent, a WB press release said yesterday.

The credit will finance "the National Agricultural Technology Project of the Government", which is designed to promote the 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 release added.