BRAC’s Microfinance programme has officially launched the 'Livestock Grow Initiative’ to ensure financial security and sustainable development for livestock farmers across the country.
The official inauguration took place on Monday with Asif Saleh, Executive Director of BRAC in the chair at BRAC Centre in the Dhaka city, said a press release from the non-government development organisation.Â
M Aslam Alam, chairman of the Insurance Development and Regulatory Authority, attended as the chief guest, while retired brigadier general Shafique Shamim, managing director and chief executive officer of Sena Insurance PLC, was present as the special guest.
Other distinguished attendees included ABM Saifuzzaman, director (Budget, Accounts and Audit) at the Department of Livestock, Delwar Hossain, joint secretary at the Financial Institutions Division, Ministry of Finance; and KAMM Raisul Islam, director (Finance), Fraud Management and Accounts) at the Microcredit Regulatory Authority.Â
BRAC Microfinance Programme’s Senior Director, Arinjoy Dhar, delivered the welcome speech, while associate director Md Belayet Hossain highlighted various aspects of BRAC’s microinsurance programme, said the release.
Bangladesh’s livestock sector plays a crucial role in rural livelihoods, contributing significantly to food security and economic resilience, it mentioned.
However, smallholder farmers continue to face challenges such as limited access to financial resources, modern technology, and veterinary services, according to the release.
The recent imposition of a 15 per cent VAT on agricultural microinsurance and cattle insurance has further increased premium costs.
Unless addressed, this will continue to make insurance less accessible to marginal cattle farmers who need it most, the release mentioned.
