Chief Adviser Prof Muhammad Yunus has urged the International Fund for Agricultural Development (IFAD) to create a social business fund to support young agricultural entrepreneurs, women, farmers, and food processors in Bangladesh.

He made the call during a meeting with IFAD President Alvaro Lario on Sunday on the sidelines of the World Food Forum in Rome, Italy.

I encourage you to create a social business fund,” Prof Yunus said, adding that such an initiative would help address social issues including healthcare for the poor, while promoting entrepreneurship among youth, women, farmers, and the fishing community.

During the meeting, the two leaders discussed a range of strategic areas, including the development of Bangladesh’s deep-sea fishing industry, expansion of mango and jackfruit exports, promotion of climate-resilient agri-entrepreneurship, and support for buffalo farmers in producing dairy products like mozzarella cheese.

Prof Yunus invited the IFAD President to visit Bangladesh and send a team to explore potential opportunities for collaboration in agriculture, social business, and technology.

In response, President Lario expressed IFAD’s keen interest in supporting social business initiatives and expanding collaboration with the private sector in Bangladesh. He noted that IFAD is currently funding more than half a dozen agricultural projects in the country.

The Chief Adviser emphasized Bangladesh’s need for technological assistance and investment in fruit processing, cold storage, warehousing, and large-scale exports of tropical fruits such as mangoes and jackfruit.

We’ve begun exporting mangoes, but the volume is still small. China has expressed interest in importing large quantities of both mangoes and jackfruit from Bangladesh,” he said.

Farida Akhter, Adviser on Fisheries and Livestock, highlighted that Bangladeshi women dairy farmers are producing mozzarella cheese from buffalo milk and sought IFAD’s support to scale up production.

Discussing the potential of the Bay of Bengal’s deep-sea fishing sector, Professor Yunus noted that most Bangladeshi fishermen still operate in shallow waters due to limited investment and technological capacity.

We don’t yet dare to go into deep-sea fishing. IFAD can support this sector through funding and technology sharing,” he added.

Since its engagement with Bangladesh began in 1978, IFAD has partnered on 37 projects worth US$4.26 billion, of which US$1.13 billion was directly financed by IFAD. Currently, six projects worth US$412 million are underway in the country, with another in the pipeline.

Prof Yunus arrived in Rome around 5pm to attend the World Food Forum organized by the Food and Agriculture Organization (FAO).

He is scheduled to deliver a keynote address and hold meetings with high-level dignitaries.