The fund will be used to fight the spread of coronavirus, the Red Crescent Society said on Saturday.
A donation agreement was signed between the ICRC and BDRCS in the afternoon.
Md Feroz Salah Uddin, Secretary General of the BDRCS and Pierre Dorbes, ICRC Head of Bangladesh Delegation, signed the agreement on behalf of their respective organisations.
According to the Red Crescent Society, the fund will be sued to provide food aid to families of 30,000 day labourers of the affected communities.
The fund will also be spent on providing risk insurance to the officers and employees involved in the prevention and control of COVID-19, increasing public awareness, creating media campaigns and awareness materials.
Additionally, disinfectant spray activities at government hospitals, public transports and public places and all expenses related to volunteers responsible for the Restoring Family Links (RFL) related to COVID-19 response will be disbursed.
Bangladesh has so far reported 70 coronavirus cases and eight deaths.