The Nimgachi Fish Culture Project under DoF/MoFL was later on renamed as Joysagar Fish Farm by Grameen Bank after the name of "Joysagar" - the biggest pond in the area with 22.35 (167 bigha) ha of water surface. JF is scattered over 200 square kilometers of remote rural areas of 5 upazilas of Sirajgonj, Pabna and Bogra districts where many ancient ponds of Paul and Sen dynasties were left derelict and unused for hundreds of years thus rendering these ponds as grazing grounds of cattle and goats. Of these ponds, some 808 in number were leased out to Grameen Bank in 1986-87 for rehabilitation for aquaculture. Grameen Bank transferred these resources to Grameen Motsho Foundation soon after its creation in 1994 as its sister-concern. GB/GMF organised the local people living on the banks of the ponds or its close vicinity, formed them into groups of five beneficiaries and centres of 6-8 groups who were trained in aquaculture, rural development and social development activities and were given all inputs including fry, fertilizers, manure, feeds, ice, nets, boats, etc. The possession of the derelict ponds were taken over from the vested interest groups to the down-trodden and resource less poor. It was an uphill task. Out of 808 ponds with a water area of 707.30 ha, GMF has so far brought 636 ponds with an water area of 573.40 ha under its control. Out of 636 ponds 432 ponds with 417.50 ha water area have been excavated/re-excavated and brought under scientific fish culture. 376 derelict ponds with an water area of 290 ha are still to be excavated/re-excavated and developed into scientific ponds for the benefit of additional 2200 poor beneficiaries. If these ponds are excavated 2200 additional poor beneficiaries can be enrolled and got job opportunities.

A total of 13,310 MT of fish were produced by JF since inception upto December 2005. 50% of the total fish went to the share of poor beneficiaries since 1990-91. An amount of Tk. 159.30 million was received by the beneficiaries as their share. Number of beneficiaries rose from 2249 in FY 1990-91 to 4674 in 2005. Per capita additional income through fish culture rose from Tk. 1700.00 in 1990-91 to Tk. 5582 in the year 2005 on an average. During 2006 the maximum & minimum income shared by the VGMs were Tk. ........ and Tk. ......... only. They earned this amount by working for 2 hours a day, 4 days a week, 36 hours/month or 432 hrs equivalent 54 working days a year.