International Fund for Agricultural Development, IFAD, has revealed that with the increase in its revenue to the tune of US$3.8 billion (N1.47 trillion), through member states contribution, it will increase its investment in the world’s rural poor.
“US$3.8 billion, that’s how much the UN’s International Fund for Agricultural Development (IFAD) will now be able to invest in the world’s rural poor. This, thanks to an unprecedented record-high financing target set today by governments from 177 countries at IFAD’s annual Governing Council.”
The Gilbert Houngbo, led development agency said, the increase in investment to world rural poor countries, was as a result of the increase in donation of the 177 member countries, though, world economy are battling with Covid-19 virus, shows the commitment of member states to IFAD and ending world poverty and rural development.
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“At a time when many nations are facing severe economic challenges, this move demonstrates the importance global leaders place on investing in effective long-term rural development as critical to achieving the Sustainable Development Goals. This strong vote of confidence significantly boosts IFAD’s capacity to address the devastating socio-economic impacts of COVID-19 and climate change. With this unprecedented funding, IFAD will reach approximately 140 million people in the world’s most fragile and remote areas over three years.”
The Rome based UN financial agency for rural agricultural empowerment for eradication of poverty and hunger, said 50 percent ($1.9 billion), which is about (N724.05 billion),of the total revenue, will be invested in Nigeria and other Sub-Sahara African countries.
“IFAD’s people-centred approach to rural development fosters “growth from below” with investments at community-level in small and medium enterprises, small-scale producers and the rural non-farm economy. These grassroots investments are proven to promote prosperity, food security and resilience to extreme weather changes, natural disasters, price hikes and other shocks like the COVID-19 pandemic that can later lead to humanitarian crises.
“At least half of the funding received will support rural development projects in sub-Saharan Africa, and more than a quarter will be channeled to countries facing conflict or other fragile situations.”
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