IFAD grants $40m for poverty alleviation

International Fund for Agricultural Development (IFAD) has agreed to provide US$40 million to Bangladesh for alleviating poverty in the country.

In this connection, a loan agreement was signed between the government and IFAD in the city on Thursday, report agencies.

Senior Secretary of Economic Relations Division (ERD) Mohammad Mejbahuddin and Country Programme Manager of IFAD Hubert Boirard signed the agreement on behalf of their respective sides.

Under the deal, 452,000 rural men and women in rural areas throughout the country will get financial services and technical training.

The project - Promoting Agricultural Commercialisation and Enterprises (PACE) - will put in place mechanisms to link small farmers and micro-entrepreneurs to markets and create new employment opportunities for poor people in rural areas.