Chief Adviser Urges IFAD to Establish Social Business Fund for Young Agricultural Entrepreneurs in Bangladesh

 Minhaj Hossain, Special Correspondent:

Professor Muhammad Yunus, the Chief Adviser of Bangladesh, on Sunday urged the International Fund for Agricultural Development (IFAD) to establish a Social Business Fund aimed at supporting young agricultural entrepreneurs, women, farmers, and food processors in Bangladesh.

Professor Yunus made this proposal during a meeting with IFAD President Alvaro Lario on the sidelines of the World Food Forum in Rome, Italy.

"I urge you to form a Social Business Fund," Professor Yunus said. "Such a fund will address social problems, including healthcare for the poor, and create entrepreneurship among youth, farmers, women, and those involved in the fishing industry."

During the meeting, the two leaders discussed various strategic issues, including support for launching Bangladesh's deep-sea fishing industry, expanding the export of mangoes and jackfruit, encouraging climate-resilient agricultural entrepreneurs, and assisting buffalo farmers in producing dairy products like mozzarella cheese.

Professor Yunus invited the IFAD President to visit Bangladesh and send a team to explore potential opportunities for cooperation in agriculture, social business, and technology.

In response, President Lario expressed IFAD's strong interest in supporting social business initiatives and expanding cooperation with the private sector in Bangladesh. He noted that IFAD is currently funding more than half a dozen agricultural projects in the country.

The Chief Adviser also emphasized Bangladesh's need for technical assistance and investment in fruit processing, cold storage, warehousing, and large-scale export of tropical fruits like mangoes and jackfruit.

"We have started exporting mangoes, but the quantity is still low. China has shown interest in importing large quantities of mangoes and jackfruit from Bangladesh," he added.

Farida Akhter, the Adviser for Fisheries and Livestock, was also present at the meeting and highlighted how Bangladeshi women dairy farmers are producing mozzarella cheese from buffalo milk. She requested IFAD's support to increase the production of cheese and other dairy products in the country.

Discussing the untapped potential of the deep-sea fishing industry in the Bay of Bengal, Professor Yunus noted that most Bangladeshi fishermen operate only in shallow waters due to a lack of investment and technical expertise.

"We still do not dare to fish in the deep sea. IFAD can assist this sector through funding and technology sharing," he said.

Since commencing their operations in Bangladesh in 1978, IFAD has partnered in 37 projects with a total value of US4.26 billion, of which US1.13 billion was directly financed by IFAD. Currently, six projects valued at US$412 million are underway in Bangladesh, with one more project in the pipeline.

Professor Yunus arrived in Rome around 5 p.m. to attend the World Food Forum, organized by the Food and Agriculture Organization (FAO). He is scheduled to deliver a keynote address and meet with high-level dignitaries at the event.

Food Adviser Ali Imam Majumder, SDG Coordinator and Senior Secretary Lamia Murshed, Foreign Secretary Asad Alam Siam, and IFAD Associate Vice President Donal Brown were also present at the meeting.