News in brief:
– IFAD Member States approve a historic $2 billion plan to uplift 100 million rural people, addressing challenges like climate change and economic instability.
– Pledges already exceed the previous cycle, emphasizing a global commitment to combatting rural poverty, with priorities on resilience, sustainability, and innovative solutions.
The 178 Member States of the International Fund for Agricultural Development (IFAD) have unanimously approved a $2 billion plan aimed at uplifting over 100 million rural individuals over the next three years. This decision comes amidst escalating challenges such as climate change, biodiversity loss, and economic instability, which have disproportionately affected small-scale farmers and rural communities worldwide.
During IFADâs annual Governing Council Meeting, government leaders endorsed a report and resolution for the 13th replenishment of IFADâs resources. Remarkably, pledges totaling $1.34 billion have already been secured, surpassing the previous replenishment cycle’s total commitments. This substantial financial backing underscores a collective commitment to combatting food insecurity and poverty in rural areas.
Alvaro Lario, President of IFAD, emphasised the urgent need for additional pledges to reach the $2 billion target. He stressed the pivotal role of IFAD in fostering shared prosperity and resilience, particularly in vulnerable communities grappling with food insecurity and environmental threats.
Commitment to prioritising resilience and sustainability
Of the 68 Member States that have pledged support, 45 have made their largest contributions to date, with 14 significantly increasing their commitments. This surge in funding reflects a growing recognition of the imperative to bolster investments in rural development.
IFADâs 13th replenishment outlines three key priorities: prioritising support for fragile contexts, enhancing investments in biodiversity and climate resilience, and fostering greater collaboration with the private sector. These priorities are informed by extensive consultations and analysis, aiming to address the multifaceted challenges confronting rural populations.
With nearly half of the world’s population residing in rural areas and facing mounting threats from conflict, climate change, and poverty, the need for concerted action has never been more urgent. Closing the finance gap for climate adaptation and sustainable food systems will require active engagement from diverse stakeholders, including the private sector.
IFAD’s commitment to innovation was highlighted during a virtual field trip to rural communities in Ghana. Through initiatives like Rural Voices and Recipes for Change, IFAD is empowering rural populations to contribute their insights and innovations, fostering a collaborative approach to development.
