Interim Government’s Chief Adviser Dr. Muhammad Yunus has proposed the creation of a social business fund under the International Fund for Agricultural Development (IFAD) to support young agricultural entrepreneurs, women, farmers, and food processors in Bangladesh.
He made the proposal during a meeting with IFAD President Alvaro Lario on Sunday, October 12, in Rome, Italy.
Dr. Yunus emphasized the importance of establishing a fund that would operate on a social business model to support initiatives in healthcare, agriculture, fisheries, women and youth entrepreneurship. Both parties discussed strengthening cooperation in agriculture, food, and social business sectors in Bangladesh.
Key discussion points included:
- Developing a deep-sea fishing industry
- Expanding mango and jackfruit exports
- Supporting climate-resilient agricultural entrepreneurs
- Assisting in the production of mozzarella cheese and other dairy products using buffalo milk
Dr. Yunus highlighted the need for joint investments and technological support in these potential growth areas.
He noted that Bangladeshi fishermen still lack the confidence and capacity to venture into deep-sea fishing due to limited investment and technical knowledge. IFAD, he suggested, could play a vital role in funding and technical assistance for this sector.
Regarding exports, Dr. Yunus stated that although Bangladesh has started exporting mangoes, the volume remains small. China has expressed interest in importing large quantities of mangoes and jackfruit. To meet this demand, he stressed the need for investment in fruit processing, cold storage, warehousing, and large-scale export infrastructure.
Farida Akhter, Adviser for Fisheries and Livestock, shared that women dairy farmers in Bangladesh are already producing mozzarella cheese from buffalo milk and sought IFAD’s support to expand this initiative.
The meeting was also attended by:
- Ali Imam Majumder, Adviser for Food
- Lamia Morshed, Principal Coordinator for SDGs and Senior Secretary
- Asad Alam Siam, Foreign Secretary
- Donal Brown, Associate Vice President of IFAD
Dr. Yunus extended an invitation to the IFAD President to visit Bangladesh, and requested that IFAD send a technical delegation to explore potential areas of collaboration in agriculture, technology, and social business.
In response, Alvaro Lario expressed IFAD’s interest in partnering with private sector initiatives in Bangladesh focused on social business. He noted that IFAD is currently funding more than six ongoing projects in Bangladesh’s agriculture sector.
Since 1978, IFAD has been active in Bangladesh, participating in 37 projects with a total investment of $4.26 billion, including $1.13 billion in direct IFAD financing. At present, six projects worth $412 million are underway, with another in the approval process.
