Chief Adviser Professor Muhammad Yunus has called for the establishment of a “Social Business Fund” to support Bangladesh’s young agro-entrepreneurs, women, farmers, and food processors.
He made this proposal during a meeting with the President of the International Fund for Agricultural Development (IFAD), Alvaro Lario, on Sunday in Rome, Italy, on the sidelines of the World Food Forum.
Professor Yunus said, “I urge you to create a social business fund. This fund could help improve healthcare for the poor, create new opportunities for young entrepreneurs, farmers, women, and fisheries workers, and address social problems in a sustainable way.”
During the meeting, the two leaders discussed strategic issues including the development of Bangladesh’s deep-sea fishing industry, expanding mango and jackfruit exports, promoting climate-resilient agro-entrepreneurship, and supporting dairy farmers to produce mozzarella cheese and other milk-based products from buffalo milk.
The Chief Adviser invited the IFAD President to visit Bangladesh and requested that a delegation be sent to explore possible areas of cooperation in agriculture, social business, and technology.
President Lario expressed IFAD’s interest in partnering with Bangladesh on social business initiatives and enhancing collaboration with the private sector. He noted that IFAD is currently financing more than half a dozen agricultural projects in Bangladesh.
Professor Yunus also emphasized the need for technological support and investment in fruit processing, cold storage, warehousing, and large-scale exports of tropical fruits like mangoes and jackfruits.
He said, “We have started exporting mangoes, but the quantity is still small. China has expressed strong interest in importing both mangoes and jackfruits from Bangladesh.”
Fisheries and Livestock Adviser Farida Akhter, who was also present, highlighted how Bangladeshi women dairy farmers are producing mozzarella cheese from buffalo milk and sought IFAD’s assistance to expand local cheese and dairy production.
Discussing the untapped potential of deep-sea fishing in the Bay of Bengal, Professor Yunus said most Bangladeshi fishermen still operate in shallow waters due to a lack of investment and technical expertise. “We have yet to venture into deep-sea fishing. IFAD can play a major role here through financing and technical assistance,” he added.
Since beginning operations in Bangladesh in 1978, IFAD has partnered in 37 projects with a total value of USD 4.26 billion, of which USD 1.13 billion has been directly financed by IFAD. Currently, six projects worth USD 412 million are underway, with another in the pipeline.
The meeting was also attended by Food Adviser Ali Imam Majumder, SDG Coordinator and Senior Secretary Lamia Morshed, Foreign Secretary Asad Alam Siam, and IFAD Associate Vice President Donal Brown.