DHAKA, SEPT 8: United States Agency for International Development (USAID) has joined hands with BRAC Bank to extend credit opportunities to small and medium agricultural enterprises in 20 districts of the southern part of Bangladesh.

US Ambassador to Dhaka Dan Mozena and BRAC Bank managing director and CEO jointly made the announcement of the partnership at a press event, held at American Recreation Association on Sunday

Under this programme, BRAC Bank will disburse nearly Tk 40 crore ($5 million) as loans to businesses engaged in producing and processing crops, poultry, fishing, and livestock. USAID will guarantee 50 percent of each loan.

These loans of up to 10 lakh taka (US $13,000) each, will be invested by farmers and businesses in technology, such as machinery and high-yielding seeds, to increase productivity.

This partnership complements the US Government's Feed the Future Initiative, which aims to reduce overall hunger and poverty by boosting agricultural production across south and southwestern Bangladesh. 

The programme also supports Bangladesh government's effort to increase credit to small enterprises in the agribusiness sector.

Joint secretary of Agriculture Ministry Kazi Obaidur Rahman and USAID mission director Richard Greene also spoke on the occasion