UK To Provide 65 Mln Pound In Grant For Rural Development In Bangladesh

The United Kingdom will provide Bangladesh a grant of 65 million pounds (127.9 million U.S. dollars) for implementation of a project under the Rural Development and Cooperative Division, private news agency UNB reported. A Memorandum of Understanding (MoU) to this effect was signed between the government of Bangladesh and DFID here Monday. The British government will provide the grant through its donor agency Department for International Development (DFID) for implementation of the project "Economic Empowerment of the Poorest (EEP): Challenge Fund." The project, taken in line with the Poverty Reduction Strategy (PRS) of the country, aims to help one million people to lift themselves out of extreme poverty and achieve sustainable livelihood by 2015. Under the project, a "Challenge Fund" will be set up from which small capitals and assets (like cattle) will be given to the target groups for their self-employment. The Challenge Fund will finance NGOs to implement specific projects. The project will be implemented in flood-prone areas and basins, cyclone-prone coastal regions, and urban slums.