Dhaka: The Japan International Cooperation Agency (JICA) has reaffirmed its commitment to supporting PKSF in its ongoing development projects aimed at reducing poverty and building resilience in Bangladesh. This statement was made during the 4th Joint Coordination Committee (JCC) Meeting of the Project for Developing Inclusive Risk Mitigation Program for Sustainable Poverty Reduction (IRMP), which took place today at PKSF Bhaban in the capital.
According to Bangladesh Sangbad Sangstha, during his opening remarks, Md Fazlul Kader, Managing Director of PKSF, highlighted the importance of bringing low-income communities under insurance coverage through innovative approaches, as stated in a press release. He mentioned that micro-insurance is not just a financial product; rather it is a tool for development.
Kader emphasized the goal of reducing the risks that affect people’s income, noting that by protecting people from these risks, growth in their net income can be achieved sustainably. He further stressed the need for behavioral change, proposing the use of nudging techniques to encourage people to adopt behaviors that reduce different types of risk. For that, he requested JICA to continue its support in capacity building in actuarial science, awareness development, and data capturing by using digital technology.
Kiyoshi Amada, Special Advisor to the Chief Representative of JICA Dhaka Office, praised PKSF’s extensive experience and expertise at the grassroots level. He stated that PKSF’s experience and deep knowledge are invaluable, and JICA is eager to continue working together and move forward with PKSF. Amada also noted that PKSF’s micro-insurance model could serve as a good example for others to follow.
Joining the meeting virtually from Japan, Komahashi Rie, Director, Gender Equity and Poverty Reduction at JICA Headquarters, thanked PKSF and its Partner Organizations (POs) for their excellent work. She expressed hope that this work continues and that JICA looks forward to further cooperation under the IRMP initiative. She also wished for a strong and lasting relationship between Bangladesh and Japan.
Yojiro Fujiwara, Team Leader of the IRMP, shared his thoughts on the need to find an innovative approach where PKSF and its POs can play a key role in providing sustainable insurance solutions, rather than just using a partner-agent model.
In his concluding remarks, Md Fazlul Kader stated that PKSF undertakes projects to strengthen its core programs, adding that the experience of IRMP will continue to guide their development efforts. He also mentioned that Japan’s experience in precision agriculture could be pivotal in improving ecological farming practices in Bangladesh.