Dhaka: Bangladesh will receive nearly $63 million (Rs247 crore) in loans from the World Bank to increase productivity and income from farming by improving agricultural technology.

The International Development Association (IDA), the concessionary arm of the World Bank, will lend Bangladesh $62.6 million for 40 years with a 10-year grace period, and the loan will carry a service charge of 0.75%.

The estimated cost of the agricultural project is about $85 million. The World Bank statement said the International Fund for Agriculture Development will provide $19.4 million and the rest of the project cost will be borne by the Bangladesh government.

The 15-year project to be implemented in three phases is designed to promote generation, dissemination, adoption and use of appropriate agricultural technologies through policy reforms.

The World Bank has recently focused on increasing output of food production, which accounts for more than 20% of Bangladesh’s economy.