Better deal for farmers in Bangladesh

Sep 21, 2017

Currently in Bangladesh, small farmers are not integrated with the local market and are not receiving fair prices. Over 75% of them live on less than $2 per day. By 2025, there will be 130 million of them if they do not have access to market.

Growing Together in Bangladesh” is an innovative franchise model to support farmers’ access to market by passing the numerous middle entities that affect prices and consequently income. Through 230 Farmers’ Centres, the project has been achieving significant results in the past two years increasing 3 fold the net income of 10,000 smallholder farmers.

In the next 40 days, Global Compact Malaysia and United Nations Development Programme (UNDP) Bangladesh are committed to boost the impact of this initiative through the “Farmers Becoming Entrepreneurs” crowdfunding campaign. The campaign will raise $25,000 to test a digital innovation for 500 farmers. The farmers will have access to mobile devices and technology to connect to local markets and value chains, and to manage their finances. This innovation will transform small farmers into entrepreneurs. At the end of the project this digital innovation will reach 10,000 farmers. This goal will be achieved through individual and private sector contributions channeled through the alternative financing platform that is supporting the project: IMPACT Bangladesh.

Private sector companies like Sygenta have already contributed financial resources to the initiative. Those who wish to join the campaign, can find more details on this web page https://www.impactbangladesh.org/product/turn-500-farmers-into-entrepreneurs/ .

All funds collected will go for this new digital phase of “Growing Together in Bangladesh”, which will be powered by Voluntary Service Overseas (VSO) and Bluenumber.

This is the first donation campaign launched by IMPACT Bangladesh, an alternative financing platform powered by the UNDP-UNV Innovation Hub. The platform that brings together sustainable e-commerce, impact investment and donations, including channeling Islamic finance.

Symbolically, the campaign starts during the United Nations General Assembly week in New York during which Sheikh Hasina, Honorable Prime Minister of Bangladesh, and UNDP Administrator Achim Steiner participated in one of the several private sector engagement and SDGs financing events that populated the General Assembly week.

While globally and nationally the commitment to alternative financing and the SDG business case are being announced, IMPACT Bangladesh started to translate these commitments into action launching its Beta-testing version to support farmers investing in their own future.