CA calls for 'social business fund' for young entrepreneurs

Chief Adviser Professor Muhammad Yunus has called on the International Fund for Agricultural Development (IFAD) to establish a Social Business Fund aimed at supporting young agri-entrepreneurs, women, farmers, and food processors in Bangladesh.

He made the call during a meeting with IFAD President Alvaro Lario on the sidelines of the World Food Forum in Rome, Italy, on Sunday, October 12 (local time).

“I urge you to create a social business fund,” Professor Yunus said. “Such a fund can help launch new initiatives for young entrepreneurs, farmers, women, and fishery workers while addressing social problems like healthcare for the poor.”

During the meeting, the two leaders discussed strategic issues including launching a deep-sea fishing industry in Bangladesh, boosting mango and jackfruit exports, developing climate-resilient agri-entrepreneurs, and supporting farmers to produce dairy items such as mozzarella cheese from buffalo milk.

The Chief Adviser invited the IFAD President to visit Bangladesh and requested that a delegation be sent to explore potential collaboration in agriculture, social business, and technology.

President Lario said IFAD is eager to partner with Bangladesh in social business ventures and expand cooperation with the private sector. He added that IFAD is currently financing over half a dozen agricultural projects in the country.

Professor Yunus also emphasised the need for technological support and investment in fruit processing, cold storage, warehousing, and large-scale exports of tropical fruits such as mango and jackfruit.

“We’ve started exporting mangoes, but the volume is still small. China has shown strong interest in importing both mangoes and jackfruits from Bangladesh,” he said.

Fisheries and Livestock Adviser Farida Akhter, who attended the meeting, shared how Bangladeshi women dairy farmers are producing mozzarella cheese from buffalo milk. She sought IFAD’s support to expand the country’s production of cheese and other dairy products.

Highlighting the untapped potential of deep-sea fishing in the Bay of Bengal, Professor Yunus said most Bangladeshi fishermen still fish in shallow waters due to a lack of investment and technical knowledge.

“We still don’t dare to venture into deep-sea fishing,” he said. “With IFAD’s financing and technical support, we can make significant progress in this sector.”

Since launching operations in Bangladesh in 1978, IFAD has partnered in 37 projects worth USD 4.26 billion, including USD 1.13 billion in direct IFAD financing. Currently, six projects worth USD 412 million are underway, with another in the pipeline.