STAR BUSINESS REPORT

Bangladeshi agritech startup iFarmer has won a US$250,000 award from the OPEC Fund for International Development for helping smallholder farmers gain access to finance, agricultural inputs, advisory services, weather information and markets.

The company received the “Innovation for Development Award” 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, according to a press release issued yesterday. With the award, iFarmer became the first private-sector organisation and startup from Bangladesh to receive the honour.

Since its inception, the company has supported more than 300,000 farmers across Bangladesh through its integrated digital platform, improving access to essential agricultural services.

The OPEC Fund for International Development is a development finance institution that provides financial assistance to developing non-OPEC countries. Its annual award for development recognises organisations making significant contributions to development.

“This recognition reflects the immense potential of Bangladeshi innovation to solve 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 visibility and create new opportunities for international partnerships and to scale its impact in sustainable agriculture.