Bangladeshi agritech startup iFarmer has become the first private-sector entity from Bangladesh to receive the Innovation for Development Award from the OPEC Fund for International Development, marking a major international milestone for the country’s startup ecosystem.
The award was presented at the OPEC Fund Development Forum held at Vienna’s historic Hofburg Palace on June 23 as part of the organisation’s 50th anniversary celebrations.
iFarmer received a cash award of US$250,000 in recognition of its efforts to connect smallholder farmers with essential services, including finance, agricultural inputs, advisory support, weather information and market access.
Since its inception, the company has supported more than 300,000 farmers across Bangladesh through its integrated digital platform, helping improve access to agricultural services and enhance farm productivity.
The OPEC Fund for International Development is a multilateral development finance institution that provides financial assistance exclusively to developing non-OPEC countries, promoting sustainable development and South-South cooperation. Its annual Innovation for Development Award recognises organisations delivering transformative solutions to development challenges.
“This recognition reflects the immense potential of Bangladeshi innovation to address global development challenges,” said Tahmid Hasan, Vice President of Revenue at iFarmer.
“We are honoured to represent Bangladesh on this global platform and remain committed to building resilient food systems by empowering smallholder farmers through technology,” he added.
iFarmer was the only Bangladeshi organisation among this year’s award recipients. The recognition is expected to enhance the company’s global profile and open up new opportunities for international partnerships and the expansion of its sustainable agriculture initiatives.