Prime Bank to support local solutions with $300,000 contribution to British Asian Trust's Climate Innovation Fund
At an event in Dhaka, Bangladesh, Prime Bank signed an MoU to support the British Asian Trust’s Climate Innovation Fund with $300,000 to support innovative local solutions working to mitigate the ongoing threats of climate change and enhance climate resilience in Bangladesh.
In August 2023, the British Asian Trust co-founded and launched the Climate Innovation Fund in partnership with SAJIDA Foundation, one of Bangladesh’s largest NGOs.
Bangladesh ranks seventh among the most affected countries on the Global Climate Risk Index. The fund from Prime Bank aims to be used in innovation projects related to agricultural production, which may address innovation of new cultivation methods and technologies to enhance agricultural productivity. Agriculture is a vital sector for the Bangladeshi economy, with almost 50% of Bangladesh’s population dependent on agriculture for their livelihood.
Celebrating this new partnership at the head office of Prime Bank, a commercial bank based in Bangladesh, the British Asian Trust and SAJIDA Foundation signed a monumental agreement to catalyse agricultural innovations within the Climate Innovation Fund. The three organisations are partnering to address the urgent need to invest in locally-led climate innovation, particularly in the agricultural sector. Funding of $300,000 from Prime Bank will enable the Climate Innovation Fund to provide support to establish and grow the most impactful and promising solutions in agriculture and climate resilience.
Shayan F Rahman, Chair of the British Asian Trust’s Bangladesh Advisory Council said, “We are delighted by Prime Bank’s support for the Climate Innovation Fund. There is an urgent need to invest in locally led climate innovations which help communities build their resilience in the coming years, and it’s encouraging when local organisations support this agenda.”
Ms. Zahida Fizza Kabir, CEO of SAJIDA Foundation, emphasised the crucial role of collaboration in overcoming climate challenges. "Believing in people and fostering innovative ideas is imperative to building a sustainable future. Through the Climate Innovation Fund, we aim to empower local solutions, drive forward innovations that can serve as models for vulnerable regions, and create resilient communities. SAJIDA Foundation and the British Asian Trust are delighted to be partnering with Prime Bank to take this initiative forward."
The initial Climate Innovation Fund cohort has resulted in 178 applications received in total. Work is currently underway on reviewing the applications with winners expected to be announced this summer
To learn more about the work, please visit: https://www.britishasiantrust.org/our-work/country-programmes/bangladesh/climate-innovation-fund/
