Bangladesh to propose establishment of grain funds

Bangladesh, one of the Developing 8 (D-8) member countries, will propose the setting up of food grain banks or funds to be activated in times of need by member countries.

Bangladesh is expected to make the proposal at the D-8 Ministers' Meeting, which will be held from February 25-27.

The proposed funds can be used to buffer falling grain prices in times of emergency, according to Bangladesh High Commissioner's counsellor A.S.M. Waisuzzaman.

Waisuzzaman said he hoped the details and mechanics of the proposed fund could be worked out by the participants so that grains could be easily distributed to needy members, and grains should be made more affordable and widely available.

The three-day conference will focus on three initiatives - the production and supply of fertilisers, animal feed and seeds.

The conference also aims to increase agriculture trade among D-8 countries, strengthen capacity building and technical cooperation, and contribution towards the economic development of member countries in food and agriculture.

Formed in 1997, the D-8 is made up of eight countries consisting Malaysia, Indonesia, Bangladesh, Pakistan, Iran, Turkey, Egypt and Nigeria.