Sub-Sahara Africa to get 40% of IFAD’s $1.5b new funds for food security in developing countries

Member States of the International Fund for Agricultural Development (IFAD) have announced a target $1.5 billion in new contributions to finance agriculture and rural development projects across the developing world.

The announcement was made during a meeting in Rome, Italy for Consultations on the Ninth Replenishment of the Fund’s resources (IFAD9).

This represents a 25% increase over its Eighth Replenishment, according to IFAD in a statement December 16, 2011.

The injection of new funds from Member States, the statement said is a confirmation of IFAD’s vital role in international development architecture as an effective organization delivering results in the area of food and income security, especially for the poorest people.

Forty to fifty per cent of these resources will be channelled to sub-Saharan Africa for development projects, the Fund said.

“This significant support from IFAD’s Member States, especially during these challenging global economic times, demonstrates extraordinary resolve and political will to give agriculture a major boost and help the world’s small farmers find their way out of poverty,” said IFAD President Kanayo F. Nwanze.

In addition to the new funds, IFAD has been mandated by Member States to find new sources of finance that effectively share the development burden more broadly, including raising investment from non-members and others.

By Ekow Quandzie

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