United Nations International Fund for Agricultural Development (IFAD) and Grameen Euglena, a joint venture between Euglena Company Limited of Japan and Grameen Krishi Foundation of Bangladesh. This joint venture is undertaking a joint venture to assist small farmers in mung bean cultivation.
They believe this high-value crop will help farmers increase their income and tap into international markets.
The cooperation was launched today in Dhaka through a letter of intent signed by both parties. The aim of this initiative is to strengthen public-private joint activities with institutions implementing IFAD projects in Bangladesh.
This will enable farmers under IFAD-funded projects to access international markets, while rural Euglena will be able to procure large quantities of good quality mung beans produced by Bangladeshi farmers.
As part of this initiative, coastal farmers will be trained on technologies used in Japan and technical assistance will be provided to enter the international value-chain of mung beans.
“IFAD values joint ventures. This renewed partnership will encourage engagement with the private sector in Bangladesh. If the goals of the two parties are aligned and the proposed activities improve the conditions of rural farmers, we will seek to further engage in such joint ventures,” said Arno Hameliers, IFAD Country Director, Bangladesh.
In this six-year program from 2022 to 2028, IFAD and Euglena will work together to ensure availability of good quality agricultural inputs to farmers at affordable prices, and to train farmers in efficient use of these agricultural inputs for safe, nutritious and diversified production.
Grameen Euglena Co-Chief Executive Officer Yukoh Satake said, ‘Gramin Euglena is interested in working to alleviate poverty and malnutrition among farmers in rural areas. A key to achieving this goal is creating synergies between the public and private sectors. This joint venture between IFAD and Grameen Euglena will help both organizations achieve their respective goals. We are sure that this will become an innovative model for new and more international collaborations.’
The initiative will work to facilitate market access for producers, especially women and smallholder farmers in climate-vulnerable coastal areas, ensure the quality of farmers’ agricultural produce, and gain access to export markets.
Emphasizing the impact of IFAD’s participation in such initiatives, Hameliers added, ‘IFAD supports working with partners to achieve joint solutions that leverage IFAD’s expertise and experience in agricultural extension and microfinance to help smallholder farmers achieve their full potential. whose main goal is to build a resilient, diverse and inclusive food system.’
IFAD’s investments are implemented by partner ministries of government and IFAD works together with other UN agencies and international financial institutions to implement projects.
IFAD has been investing in poor rural women and men of Bangladesh for over 40 years through 35 projects aimed at enabling rural people and their livelihoods to better adapt to climate change; Helping small-scale producers and entrepreneurs gain access to improved value chains and larger markets; and working to empower marginalized groups, especially poor rural women. So far, IFAD has invested USD 973.5 million, reaching 11.7 million households.
(Dhaka Times/21 September/SKS)