The International Food for Agricultural Development's (IFAD) member states ended its meeting in Rome for Consultations on the Ninth Replenishment of the Fund's resources by voting the sum of US$1.5 billion about N243.3 billion, a contribution to food security in developing countries.
NaijaAgroNet gathered through a press statement revealed that the new funds, which is 25 per cent more than IFAD's Eighth Replenishment is meant to finance agriculture and rural development projects across the developing world.
NaijaAgroNet recalls that every three years, IFAD member states replenish resources provided by the organisation as loans and grants to developing countries.
The fund also leverages members’ contributions to mobilize much higher amounts of grants through project co-financing with national governments, international donors and private sector.
Almost 2 billion rural dwellers depends on 500 million smallholder farms in developing nations for their livelihoods, hence the injection of new funds from member states is a confirmation of IFAD's important role in international development architecture; an effective organization delivering results in the area of food and income security, especially for the poorest people.
NaijaAgroNet further gathered that between 40 and 50 per cent of the new funds will be channeled to the Sub-Saharan Africa for development projects.
IFAD President, Dr. Kanayo F. Nwanze said "This significant support from IFAD's member states, especially during these challenging global economic times, demonstrate extraordinary resolve and political will to give agriculture a major boost and help the world's small farmers find their way out of poverty."
He also pointed out that a replenishment cementing IFAD's unique status is the echoing of the spirit of global development partnership that emerged from the Fourth High Level Forum on Aid Effectiveness in Busan, Republic of Korea, early December this year.
IFAD, he said, has members from Organization of the Petroleum Exporting Countries (OPEC), Organisation for Economic Co-operation and Development (OECD) among other developed world; playing an active role in the Fund's governance.
NaijaAgroNet found out that all these partners contributed to the upward trend of the IFAD-9 pledges.
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