The IFC, a private sector arm of the World Bank Group, will provide the money under an agreement signed with Cairn, a UK-based energy company, said a World Bank online press release.

Under the project, the IFC will be a partner in the innovative community development programmes in the economically underdeveloped areas.

As part of the project design, the IFC and Cairn will help small local firms to provide support services such as food, transportation, security, grounds keeping and others to oil and gas operations.

They will also work with farmers in developing cooperative dairy ventures to improve production, the release added.

It, however, did not elaborate how much of the fund will be utilised for Bangladesh and India.

A central component of the Cairn-IFC development programme will be the establishment of an Enterprise Centre, which will help provide information and expertise on business practices to local small and medium-sized firms.

The project was designed to put them in the position to become potential suppliers and service providers to the oil and gas operation and other ventures.