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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.”

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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.”

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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.

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“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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