To improve food security in Bangladesh at a time of rising commodity prices amid a global shortfall of staple crops, the International Finance Corporation (IFC) is providing $32.5 million loan to Singapore-based agricultural commodity-trading company Agrocorp International Pte Ltd, which is a leading supplier of wheat and pulses to Bangladesh, reports UNB.
IFC said, the largest global development institution which is focused on the private sector in emerging markets, is providing an eight-year financing package consisting of a senior secured loan of up to $18 million as well as a concessional loan of $14.5 million from the International Development Association’s Private Sector Window Blended Finance Facility.
“This investment ensures the supply of essential raw materials to food producers and processors in Bangladesh, allowing the availability of safe, nutritious, and calorie-rich staple foods to be available”, said Hector Gomez Ang, Regional Director for South Asia, IFC. “
The IFC investment is in line with a new $6 billion Global Food Security Platform (GFSP), which aims to mobilise private investment to address the deterioration in food security, particularly in the world’s most vulnerable countries.
Since 2010, IFC has invested over $3.6 billion to help private sector growth in Bangladesh.
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