IFAD targets US $ 3.8 billion to fight hunger and poverty

Economic news for Monday, February 22, 2021

Source: thebusiness24.com.gh

02/22/2021

The United Nations International Fund for Agricultural Development (IFAD) has said it is seeking to mobilize nearly $ 4 billion in donor funding to invest in poor rural areas around the world in pandemic recovery efforts.

The unprecedented record high funding target set by the governments of 177 countries at the annual meeting of the IFAD Executive Board will facilitate long-term investments in global rural communities, which are critical to achieving the Sustainable Development Goals (ODD).

An estimated 140 million people in fragile and isolated areas around the world will benefit from financing through IFAD’s capacity building and support initiatives.

“Member States have made it clear that the plight of the poor and hungry is important; we are all united in our fight against the effects of COVID-19 and a rapidly changing climate – but none are feeling the impacts more profoundly than the rural populations of the world’s poorest countries, ”said Gilbert F. Houngbo , President of IFAD.

Combined with an expansion of IFAD’s Pioneering Climate Change Adaptation Program (ASAP +), a new private sector financing program, and co-financing by national and international partners, IFAD aims to deliver a comprehensive program of work. of at least US $ 11 billion from 2022-2024.

“It costs less to invest in sustainability and build long-term resilience to shocks than to respond to repeated humanitarian emergencies. That is why the Sustainable Development Goals exist and this increased commitment to IFAD is an important step towards achieving them. The contributions pledged so far show that our Member States are determined to eradicate poverty and hunger, and are confident in the impact of IFAD’s work, ”Houngbo added.

Already, 67 countries have announced new pledges totaling more than $ 1.1 billion in support of IFAD’s Twelfth Replenishment (IFAD12), a process by which Member States set strategic priorities and initiate funds for the organization for its work in 2022-2024.

In a strong show of support, the governments of Germany and France issued a joint statement which read: “Given that IFAD12 is both ambitious and necessary to tackle rural poverty at this critical time, the German government and the French government both decided to significantly increase their financial support to IFAD to an all-time high. We urge all Member States to join us in making an ambitious contribution. “