Donors commit to highest-ever funding to IFAD to tackle hunger and poverty for the world's poorest

News provided by

International Fund for Agricultural Development

Feb 18, 2021, 12:54 ET

ROME, Feb. 18, 2021 /PRNewswire/ -- 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.

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.

With this unprecedented funding, IFAD will reach approximately 140 million people in the world's most fragile and remote areas over three years.

"It costs less to invest in sustainability and building long-term resilience to shocks than it does to respond to repeated humanitarian emergencies. That is why the Sustainable Development Goals exist, and this increased commitment to IFAD is an important step to delivering on them. The contributions pledged so far show our Member States are determined to eradicate poverty and hunger, and are confident in the impact of IFAD's work," said Gilbert F. Houngbo, President of IFAD.

Already, 67 countries have announced new pledges totalling more than $1.1 billion in support of IFAD's Twelfth Replenishment (IFAD12), a process whereby Member States define strategic priorities and commit funds to the organization for its work in 2022-2024. More pledges are expected throughout 2021.

Many of IFAD's top donors have announced their intentions to contribute significantly more than their previous funding. The United States, historically IFAD's largest donor, committed $129 million which represents a 43 per cent increase on its previous level of funding. A statement issued by the country emphasized IFAD's role as "an effective partner to bring donors together in a multilateral setting to deliver rural poverty impact for the poorest."

Increased pledges were also announced by Finland, France, Ireland, Italy, Norway and Sweden, amongst others. Canada, China, Germany, Japan, and the Netherlands also made significant pledges.

Contributing for the first time since 2013, Haiti announced a pledge of more than double its last contribution, while Somalia announced a commitment for the first time in three decades.

Contacts: Joanne Levitan - [email protected] - Mobile: +39 366 5620977

For more information on IFAD visit www.ifad.org

SOURCE International Fund for Agricultural Development