Dhaka, Bangladesh (BBN) – Intentional Finance Corporation (IFC), a member of the World Bank Group, is working with local Eastern Bank to help poultry farmers buy technology that uses waste to generate electricity, enabling farmers to increase their efficiency, productivity and profitability.
With support from South Asia Enterprise Development Facility, managed by IFC, Eastern Bank Limited launched the EBL Nobodoy, a customised loan product, to help farmers install fixed-dome biogas plants to convert animal waste into electricity at a function in Chittagong on Friday, a press statement said.
Around 2.0 billion chickens in Bangladesh produce some 2.2 million tons of manure a year. Efficient management of this waste, converting it into a cheap and reliable source of energy, will help small farmers develop sustainable poultry businesses.
Dr. Atiur Rahman, Governor of Bangladesh Bank, encouraged other financial institutions to create “need-based initiatives that promote climate-change mitigation projects.” Farmers being able to generate their own electricity will also help reduce the diesel subsidy being provided by the government.
Ali Reza Iftekhar, managing director of Eastern Bank, said, “Our bank is dedicated to sustainable development, which is the cornerstone of everything that we do. We are committed to financing businesses that invest in green technology and will continue exploring innovative ways to improve local communities and the environment.”
Jeeva A. Perumalpillai-Essex, who leads IFC’s Sustainable Business Advisory work in South Asia, said, “In the area of clean and renewable energy promotion, we look for projects that combat climate change and benefit the overall economy of Bangladesh. This project is a perfect example of getting far-reaching results from a very local approach.”
BBN/SSR/AD-07Jan12-11:22 am (BST)