IFC Supports Production of Weather-Resistant Seeds to Advance Food Security in Bangladesh
In Dhaka: A B M Javeed Ahsan Phone: +88 01730051277 E-mail: AAhsan1@ifc.org
Dhaka, Bangladesh, January 30, 2011—IFC, a member of the World Bank Group, is working with Bangladesh’s Lal Teer Seed Limited to increase production and supply of stress-tolerant rice and vegetable seeds that can withstand harsh weather conditions. The initiative will reduce the vulnerability of farmers in stress-prone coastal regions and contribute to the country’s food security agenda.
The climate-adaptation initiative is led by the SouthAsia Enterprise Development Facility, managed by IFC, in partnership with the Norwegian Agency for Development and the United Kingdom’s Department for International Development.
“Having worked with IFC in the past, we appreciate its role in helping the private sector support farmers in stress-prone areas with environmentally adaptable varieties of seeds,” said Mahbub Anam, Managing Director of Lal Teer.
Through this project, IFC will collaborate with the private seed sector to enhance production, distribution, and adoption of high-yielding and stress-tolerant seeds, including training farmers and monitoring progress on quality and performance.
Ian Crosby, Manager of IFC Advisory Services in Bangladesh, said, “Frequent floods and increase in water salinity are affecting agricultural productivity and Bangladeshi farmers’ incomes adversely. We urgently need action on this important issue and the climate adaptation initiative is an important steppingstone in taking this agenda forward.”
IFC and Lal Teer also plan to develop and implement activities to increase the availability of a critical mass of stress-tolerant seeds in Bangladesh’s stress-prone regions.
About IFC IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org
About Lal Teer Seed Limited Founded in 1995 as East West Seed (Bangladesh) Limited, the company was renamed Lal Teer Seed Limited in 2007. It aims to supply highly environmentally adaptable and quality vegetable seeds, enhance research, and establish strong networking programs by sharing resources and expertise with local and international institutes and organizations. Apart from vegetable seeds, Lal Teer markets hybrid varieties of rice, maize, and cotton. To extend its seed-distribution efforts, in 2008 Lal Teer started a joint venture with United Phosphorus Limited, India. For more information, visit www.lalteer.com.