The government has planned to invest $2.9 billion over the next five years. According to the Ministry of Agriculture, a plan of action for the 2021-25 period was prepared last year under the National Agricultural Policy as per the government’s 8th five-year plan estimates.
The World Bank (WB) will lend $500 million towards implementing the government’s vision in the eighth five-year plan and the global lender has drafted a concept paper for the government’s Economic Relations Department (ERD).
Mechanized and climate-smart agriculture for growing more food, achieving nutrition security and reducing the cost of farming are under the government implementation. The project will also be implemented following the approval of the Executive Committee of the National Economic Council (Ecnec), if it comes out profitable.
According to the concept paper, food imports in Bangladesh have tripled in the last 10 years due to population growth. By 2031, the country’s population will increase by about another three crore. A sustainable and safe food supply has become a challenge for the country due to natural disasters and an increasing population.