Dhaka, Bangladesh (BBN) – Swiss Agency for Development and Cooperation (SDC) has granted $ 4.5 million in crop-insurance for the farmers in rice consuming countries including Bangladesh.
The fund was granted at a meeting held on January 26 between SDC and representatives of the Allianz Reinsurance Company, an ally of the project, aiming to provide millions of rice farmers in Asia with enhanced security against crop losses.
The project known as Remote Sensing-based Information and Insurance for Crops in Emerging Economies (RIICE) will be implemented in Bangladesh, Cambodia, India, Indonesia, Thailand, the Philippines and Vietnam between 2012 and 2014, the SDC said.
The objective of this project is to reduce vulnerability of smallholders engaged in rice production by setting up an easy accessible rice information system (“Global Rice Information Gateway”) which opens the way for involved public and private stakeholders to better manage domestic rice production.
It would also help to expose the risks regarding development of crop insurance solutions, the SDC noted.
Bangladesh is going to adopt new Agriculture Law draft of which has so far been completed where crop insurance for small -scale farmers has been addressed with importance, officials said.
BBN/SSR/AD-05Feb12-1:15 am (BST)