City Bank Capital, a financial services provider, and Venture37, a global development organisation, signed a memorandum of understanding (MoU) on 28 March to collaborate in the development of a robust and efficient cold chain infrastructure in Bangladesh.
This partnership will focus on increasing investment opportunities in the areas of cold chain networks, warehousing systems, energy efficiency investment for cold storage, and temperature-controlled logistic (TCL) services, reads a press release.
The signing of this MoU marks a significant milestone in the development of infrastructure and investment opportunities in Bangladesh, said the press release.
It added, with a yearly growth rate of 15 percent from 2014 to 2018, the market size of agro-processing industry has reached approximately $4.81 billion, combining both domestic and export volume.
The absence of Temperature-Controlled Logistics infrastructure in Bangladesh results in significant post-harvest losses, as reported by The Food and Agriculture Organisation of the UN, with post-harvest loss of 26% for fruits and 12-30% for fish. These inefficiencies can have a severe impact on the country's food security and economy.
