IFC helps farmers convert waste to electricity
IFC, a member of the World Bank Group, is working with Eastern Bank Limited (EBL) to help poultry farmers buy technology that uses waste to generate electricity, enabling farmers to increase their efficiency, productivity and profitability.
With support from SouthAsia Enterprise Development Facility, managed by IFC, in partnership with UK Department for International Development and the Norwegian Agency for Development Cooperation, EBL yesterday launched ‘EBL Nobodoy’, a customised loan product to help farmers install fixed-dome biogas plants to convert animal waste into electricity.
IFC said around 2 billion chickens in Bangladesh produce some 2.2 million tonnes 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, it added in a press release on Friday.
Dr Atiur Rahman, Governor of Bangladesh Bank, Ali Reza Iftekhar, managing director of EBL and Jeeva A Perumalpillai-Essex, head of IFC’s Sustainable Business Advisory in South Asia, among others, addressed the inaugural function in Cox’s Bazar.
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, he added.
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: “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.”
IFC said Bangladesh is one of the most densely populated countries in the world, and as a low-lying country is also extremely vulnerable to climate change, with food security and disaster management deserving high priority. Bangladesh’s GDP stands at $100 billion, fueled mostly by growth in textiles and agriculture.