The World Bank (WB) has decided to lend Bangladesh a loan of $202 million to modernize and improve food storage facility in the country.

To this end, the Washington-based lender signed a loan agreement with Economic Relations Division (ERD) on Monday (October 19).

WB Country Director in Bangladesh Mercy Miyang Tembon and ERD Secretary Fatema Yeashmin signed the deal on behalf of their respective parties.

According to the agreement, the Directorate of Food would build eight steel-structure modern food siloes—six for rice and two for wheat storage.

The total capacity of the eight silo will be 530,000 tonnes of grains.

Besides, the Directorate will also distribute 500,000 household silo among the 500,000 families across the country.