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Friday, September 14, 2012

IFAD to support Yemen with N6.6b


The International Fund for Agricultural Development (IFAD) has promised to support agriculture and rural development in Yemen with the sum of $41 million, about N6.61 billion.
IFAD made the pledge after a two-day meeting held in Saudi Arabia, according to a press statement made available to NaijaAgroNet by Jessica Thomas from IFAD.
The $41 million pledge is made up of $31 million from IFAD’s core resources and $10 million from the Adaptation for Smallholder Agriculture Programme (ASAP), a new financing instrument established by IFAD to scale up and integrate climate change adaptation in smallholder development projects.
The meeting was developed by Yemen’s Government of National Reconciliation with support from the European Union (EU), Islamic Development Bank (IsDB), World Bank (WB) and United Nations organisations and IFAD.
Also, the meeting attracted over 280 participants from 27 donor countries, 36 regional development international financial institutions, and observers from NGOs as well as private sector.
The money pledge according to IFAD is for Yemen government to develop new projects during the transition period.
NaijaAgroNet recalls that IFAD commenced operations in Yemen since 1979 which has seen to the enhancement of rural economic growth through the support given to national programmes in the agriculture and fisheries sectors.

Yinka Awosanya/LS

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