WB endorses $202m to improve Bangladesh’s food security

World Bank’s Board of Executive Directors has authorized $202 million as extra funding for the Modern Food Storage Facilities Project to expand the storage capacity of Bangladesh’s national strategic grain reserves by 535,500 tons for 4.5 million households.

The project of World Bank (WB) is supporting Bangladesh to address food uncertainty in challenging times, such as frequent climate-induced disasters or crisis situations like the current COVID-19 pandemic, stated a press release.

   

The project is promoting the construction of eight public modern grain warehouse steel silo complexes for rice and wheat in eight different districts.

Currently, construction work of food storage is taking place in Ashuganj, Madhupur, and Mymensingh, as the extra funding will assist the construction of rice silos in Dhaka, Narayanganj, and Barishal while wheat silos will be built in Chattogram and Maheshwarpasha.

A press release stated the additional financing will enhance the grain reserve availability to households to meet their post-disaster needs and improve the efficiency of grain storage management through an online Food Stock and Market Monitoring System (FSMMS).

The WB project will also generate new job possibilities, particularly for women, in the operation and management of silos.

“Nearly 80 percent of Bangladesh’s population lives in rural areas with climate shocks threatening their livelihoods, welfare, and food security,” stated Mohammad Anis, Acting World Bank Country Director for Bangladesh and Bhutan.

This modern food storage system, combined with an effective distribution system, will help ensure food security after a natural disaster or during a crisis such as the current COVID-19 pandemic, he added.