To help ensure food security and improve the incomes of more than 1,23,000 smallholder farmers, IFC is providing up to $35 million to Tanveer Food Limited (TFL), part of the Meghna Group of Industries (MGI), to promote a resilient rice market in Bangladesh.
The investment marks IFC’s first under its Global Food Security Platform (GFSP), a $6 billion global financing facility set up to counter the global food crisis by restoring and improving production to build the foundation for a more resilient global food system.
“This investment will allow us to expand the processing and distribution of rice products in northern Bangladesh, a region that has traditionally been comprised of large number of smallholder farmers growing rice to earn their livelihoods,” said Tahmina Binthe Mostafa, Director of MGI.