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WASHINGTON, July 31, 2020 – The World Bank Executive Board approved an additional $202 million investment in allocating the modern food garage facility to increase the garage capacity of Bangladesh’s national strategic grain reserves by 535,500 tons for 4.5 million households.
The task is helping Bangladesh combat a lack of food confidence in difficult times, such as common climate errors or crisis conditions such as the existing COVID-19 pandemic. It is the structure of 8 public garage silos of fashionable metal grains for rice and wheat in 8 other districts. In addition to the ongoing structure in Ashuganj, Madhupur and Mymensingh, new investments will be made in the structure of rice silos in Dhaka, Narayanganj and Barishal, and wheat silos will be built in Chattogram and Maheshwarpasha.
The additional investment will increase the grain reserve that families will have to meet their post-disaster desires and the power of grain garage control through an online inventory and food market tracking formula (FSMMS). The allocation will also create new employment opportunities, especially for women, in the operation and control of silos.
“Nearly 80% of Bangladesh’s population lives in rural areas, and climate crises threaten their livelihoods, well-being and food security,” said Mohammad Anis, acting director of the World Bank for Bangladesh and Bhutan. “This modern food storage system, combined with an effective distribution system, will help ensure food security after an herbal crisis or a crisis such as the existing COVID-19 pandemic.”
The allocation has already contributed to the manufacture and distribution of 500,000 air and water-resistant food boxes (“domestic silos”) to poor farmers and vulnerable families led by women in disaster-prone coastal areas. This good fortune has led the government to dedicate itself to the distribution of silos to another 300,000 families.
“Currently, public food distribution and grain reserves have an overall effective capacity of around 2 million tons,” said Christian Berger, world bank team leader for allocation. “Most of these reserves or ‘losses’ are in poor condition, resulting in the loss of cereals in quantity and nutritional price. This allocation is helping the power of grain garage management.” The allocation will reduce grain garage losses and utility garage handling amenities through at least 50 cents and increase the nutritional price of cereals by up to 2 years, instead of the existing 6 months.
The World Bank’s International Development Association (IFA) credit, which provides concessional financing, has a 30-year term, plus a five-year grace period.
Lately, Bangladesh has the largest IDA program underway, totaling more than $13.5 billion. The World Bank was one of Bangladesh’s first partners of progress and has committed more than $31 billion in grants, favorable and interest-free loans to the country since independence.