Dhaka, May 20 -- The International Fund for Agricultural Development (IFAD) has approved a new US$70 million project to support rural communities in flood-prone and drought-prone regions 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 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.

IFAD urges more rural investment in developing countries

With a target of...