Brac Bank and Green Delta Insurance Company with support from the Embassy of Switzerland through its Microinsurance Market Development Programme (BMMDP/Surokkha) managed by Swisscontact have signed a Memorandum of Understanding on 8th September 2021 at Brac Bank Head Office. This MoU is being signed under the agreement between BMMDP/Surokkha Program of Swisscontact and Green Delta Insurance Company. This collaboration will enable Brac Bank and Green Delta to collaboratively offer Loan secured by microinsurance service for the rural livestock farmers. While Brac will provide the loan, Green Delta will provide the microinsurance service to the Livestock sector farmers. The microinsurance will provide coverage for both the asset (livestock) and Liability (outstanding loan amount) in case of death or permanent disability of the insured cattle.
This collaboration is expected to be a milestone in the financial inclusion space of Bangladesh. The project will apply technology-based solutions for cattle identification for the microinsurance service. The project is expected to facilitate financing worth 1.8 million Swiss Francs for approximately 600 Farmers with unique cattle outreach of 1600. The project is also expected to reduce overall climatic risk and vulnerability for 6000 farmers through complementing livestock extension services. The Deputy Head of Cooperation of The Embassy of Switzerland Ms Corinne Henchoz Pignani, Ms Syeda Zinia Rashid, Senior Programme Officer of The Embassy of Switzerland, the MD and CEO of BRAC Bank Mr Selim R. F Husain, MD and CEO of Green Delta Insurance Company Ms Farzana Chowdhury and Mujibul Hasan Cezanne Country Director Swisscontact was present at this signing event.