DHAKA, June 27 (Xinhua) -- The World Bank has approved over 1 billion U.S. dollars for two projects to help Bangladesh mitigate the price and supply volatility in the global fertilizer and fuel markets, sustain food security, and enable rapid response.

"Rising food, fertilizer, and fuel prices stemming from the Middle East Conflict, along with tighter fiscal space, have deeply impacted Bangladesh's economy, hitting smallholder farmers as well as poor and vulnerable people the hardest," Jean Pesme, World Bank's division director for Bangladesh and Bhutan, was quoted as saying in a statement given on Saturday, adding that the World Bank has stepped up with immediate support to help Bangladesh mitigate this impact.

According to the statement, the Emergency Support for Food Security Project (300 million dollars) will provide time-bound financing to help Bangladesh import fertilizers critical for the Aman and Boro rice-growing seasons in July-October 2026 and October 2026-April 2027, respectively.

On the other hand, according to the statement, the Contingent Emergency Response Project (713 million dollars) will support quick-disbursing emergency expenditures, including cash transfers and livelihood assistance for affected households and micro, small, and medium enterprises, helping stabilize incomes and preserve jobs during crises.

It will also finance fuel and energy supplies to continue essential services, including food, medicines, medical equipment, energy, and water.

The project funds will be disbursed by June 30, 2026. ■