News – PH – IFAD Raises $ 38 Billion to fight COVID-19 and climate change

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Kampala, Uganda | RONALD MUSOKE | The United Nations International Fund for Agricultural Development (IFAD) plans to invest up to US $ 38 billion into the world’s rural populations following the unprecedented funding target practically set at this year’s Governing Council in February 17-18

“… our member states have made it clear that the fate of the poor and hungry matters. We all agree in our fight against the effects of COVID-19 and a rapidly changing climate – but none is feeling the effects more than the rural people in the world’s poorest countries, ”said Gilbert Houngbo, President of IFAD, the UN agency responsible for investing in and empowering rural populations to reduce poverty, increase food security and nutrition and resilience strengthen

“It costs less to invest in sustainability and build 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 achieve these goals ”

Houngbo noted that with unprecedented funding, IFAD will reach around 140 million people in the most fragile and remote areas of the world over the next three years

IFAD has 177 members who voluntarily contribute to its core funding So far, up to 67 countries have announced new pledges totaling more than $ 1 billion to support the twelfth replenishment of IFAD (IFAD12), a process in which member states set strategic priorities and the organization funds for their work in the Deploy years 2022 to 2024

More pledges are expected in the course of 2021, including from some of the world’s poorest countries that were among the first to announce significantly higher pledges last year This underscores the value they place on their partnership with IFAD and puts pressure on traditional donors to step up

Presentation during the opening ceremony of the Governance Council meeting on Feb.17 World leaders noted that the world’s poorest and richest nations are interconnected. Many have argued that eradicating poverty and hunger will be impossible without urgent and targeted international collaborative efforts for long-term development

“The COVID-19 pandemic and climate crisis should send the message to everyone – rich and poor, weak or powerful – that their destinies are intertwined and that we will perish or survive together,” Pakistani Prime Minister Imran Khan told Representatives of the 177 IFAD member states “We need a common plan and strategy for global recovery and the survival and prosperity of all humanity”

João Manuel Gonçalves Lourenço, President of Angola, highlighted the long-term and profound economic damage the pandemic is now causing in low-income countries, where poverty and hunger are on the rise, and compared the challenges ahead to his country’s recovery from civil war

“International cooperation, both bilaterally and with development agencies, has been vital to our struggle for post-war reconstruction and continues to be necessary so that we can jointly address the effects of the crises we are facing,” said Lourenço

“My belief remains that we can achieve a more just and equitable world, a world without bitter poverty, a world without hunger,” he said. “But the pandemic and the effects of climate change are forcing us to change the way we do produce and eat, radically rethink ”

Tackling growing global famine and poverty, said world leaders, needs to be addressed through global partnerships and greater long-term investment in the rural populations, who grow so much of the world’s food, but often the poorest and most hungriest are

Many of IFAD’s top donors have announced they will contribute significantly more than their previous funding. The United States, historically the largest IFAD donor, has pledged $ 129 million, a 43% increase from previous funding levels corresponds to

Increased commitments were also made by France (106 million USD – another 50%), Italy (96 million USD) USD – another 45%) and Sweden (87 USD) announced 3 million – this corresponds to an additional 60% in Swedish kronor) and Ireland (14 US dollars) 3 million – another 66%), among others

Finland and Norway also increased their core local currency commitments by 40%, and Germany, China, the Netherlands, Japan and Canada made significant commitments of 101 million USD 85 million $ And $ 829 million, $ 57 $ 3 million and $ 55 million each

Other countries including Cambodia, Laos, Madagascar, Mauritania, Pakistan and the Philippines also announced higher contributions, including Burkina Faso, Ivory Coast, Gambia, Greece, Luxembourg, Mali Sao Tome and Principe, Sierra Leone and Uganda

It was agreed at the meeting that at least half of the funds received will go to rural development projects in sub-Saharan Africa and more than a quarter will go to countries facing conflict or other fragile situations

About 40% will be invested in addressing the climatic challenges to help achieve the Paris Agreement and ensure that smallholders receive more climate finance Investing in job creation for youth and rural areas will also be a key priority

IFAD’s people-centered approach to rural development encourages “bottom-up growth” through community-level investments in small and medium-sized enterprises, small producers and the rural non-agricultural economy

These basic investments have been shown to promote prosperity, food security and resilience to extreme weather changes, natural disasters, price increases and other shocks such as the COVID-19 pandemic that can later lead to humanitarian crises

From 2022, IFAD will implement a strengthened business model that incorporates the lessons of the COVID-19 pandemic to ensure that IFAD’s investments help rural populations maintain the progress made and make future futures stronger and more resilient Build livelihoods shocks

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International Fund for Agricultural Development, United Nations, Poverty, Gilbert Houngbo

News – PH – IFAD receives US $ 38 billion to fight COVID-19 and climate change
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Source: https://www.independent.co.ug/ifad-gets-us-3-8bn-to-tackle-covid-19-and-climate-change/