Dhaka, Bangladesh (BBN)- Palli Karma-Sahayak Foundation (PKSF), Asian Development Bank (ADB) and the Bangladesh government have signed a letter of agreement (LoA) recently for a US$2.0 million project titled ‘Developing Inclusive Insurance Sector’.

Jointly developed by PKSF, the Government of Bangladesh, the Government of Japan and ADB as an inclusive micro-insurance initiative, the project is expected to benefit about 20,000 poor households.

The project will reach out to the poor and vulnerable in rural households, particularly women, by enabling them to seek protection from common risks, which threaten their daily lives through affordable insurance coverage.

PKSF will implement the project to be financed by a $2.0 million grant from the Government of Japan through the Japan Fund for Poverty Reduction (JFPR).

ADB Country Director (Bangladesh Resident Mission) Paul J Heytens,Economic Relations Division (ERD) Joint Secretary Saifuddin Ahmed and PKSF Deputy Managing Director Parveen Mahmud signed the LoA on behalf of their respective sides at the ERD in Dhaka.

BBN/SS/SI/AD-12January10-9:55 am (BST)