The One House One Farm project, which aims to lift people out of the poverty trap by 2020, has been revised for the third time and its fund increased by Tk 4,848 crore.

The project, which will be completed by 2020, has been assigned Tk 8,010 crore at yesterday's meeting of the Executive Committee of the National Economic Council.

The project was taken up in 2009 at a cost of Tk 1,197 crore. Later in 2013, its allocation was revised upwards to Tk 3,162 crore.

About one lakh beggars of the country will be brought under the project and given financial assistance, which necessitated a revision of costs.

The project also aims to include those who have already come out of extreme poverty, aiming to improve their current financial condition.

Besides, the number of the beneficiaries from the project will also be increased.

The main task of the project is to create village development organisations and through it assist all poor families to form capital and give them loans.

It also plans to set up online marketing and food processing centres in all upazilas and give seed capital to the beneficiaries of the project so that they can participate in trading activities to earn their livelihoods.

The government has already formed a new bank, Palli Sanchay Bank, to provide assistance to the project.

The number of poor people in the country is about three crore, according to Planning Minister AHM Mustafa Kamal.

The project will continue until the three crore people are lifted out of poverty level. He expressed hope that in four to five years there will be no people in extreme poverty in Bangladesh.

Kamal also said the One House One Farm is a running project and many small projects are being taken throughout the country under it.

The beneficiaries of these projects will become members of Palli Sanchay Bank in phases, he said, adding that the One House One Farm project and Palli Sanchay Bank will work in tandem.

Nine other projects were passed at yesterday's Ecnec meeting.