A two-day consultation to replenish pledges for the International Fund for Agricultural Development’s agriculture and rural development projects has yielded $1.5 billion in fresh funds.
Held Dec. 15-16 in Rome, Italy, the last Consultation on the Ninth Replenishment of the Fund’s resources saw a 25 percent increase in commitments over IFAD8. Some member countries pledged higher amounts than they contributed in earlier replenishments. A few developing countries that did not participate in previous consultations, including those from the U.N.’s list of “least developed countries,” will be contributing as well.
“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,” IFAD President Kanayo Nwanze said in a statement.
Recommendations and resolutions from this consultation will be adopted in February 2012, pending approval from the governing council. Apart from new pledges, member states required IFAD to explore innovative financing sources.
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