Dhaka, May 20 -- The International Fund for Agricultural Development (IFAD) has approved a new US$70 million project to support 1.34 million rural people in flood-prone and drought-prone regions in Bangladesh to adapt to environmental shocks and improve their livelihoods.

The Climate Resilient Agriculture and Livelihood Enhancement Project (CRALEP) received formal approval at IFAD's 144th Executive Board session in Rome recently, IFAD said in a press release on Tuesday.

It will be implemented by the Local Government Engineering Department (LGED), under the Ministry of Local Government, Rural Development and Cooperatives, with oversight from the Economic Relations Division (ERD) of the Ministry of Finance.

With a target of reaching 1.34...