Concerned with the critical world food situation in the early 1970s, the World Food Conference is convened to assess the magnitude of the problem, examine its causes and agree upon durable solutions. The most concrete result of the Conference is a consensus on the establishment of the International Fund for Agricultural Development (IFAD). To this end, the Conference adopts Resolution XIII, initiated and sponsored by almost all of the Organization of Petroelum Exporting Countries (OPEC).

1975-77
Laying the foundations. During this period, through a number of consultative and preparatory meetings, the countries interested in the establishment of IFAD lay the foundations for the Fund, including the drafting of its Charter entitled: "Agreement Establishing the International Fund for Agricultural Development". Basic principles governing the operations of the Fund are also captured in the "Lending Policies and Criteria". This paper defines in detail IFAD’s mandate to increase food production, alleviate poverty and improve nutrition in rural areas where the bulk of the poor of the developing countries reside. It also stipulates the terms and conditions governing the provision of financial assistance from the Fund.