Press release number: IFAD 23/06

Rome, 17 May 2006 - The International Fund for Agricultural Development (IFAD) has welcomed the Republic of Korea's pledge of US$3 million to the Seventh Replenishment of IFAD's resources for the period 2007-2009.

The pledge is a 20 per cent increase in the Republic of Korea's contribution of US$2.5 million to the Sixth Replenishment and continues the trend of steadily increasing amounts pledged by that country.

The money will contribute to the achievement of the first Millennium Development Goal to halve extreme poverty in the world by 2015.

The President of IFAD, Lennart Båge, is currently in the Republic of Korea to address the 37th World Farmers' Congress of the International Federation of Agricultural Producers (IFAP). He is also to meet with senior government officials.

Improving the livelihoods of rural women, men and children, is the focus of IFAD's work. The vast majority of poor and hungry people around the world are small-scale family farmers and landless rural workers. IFAD works to increase their food production, raise their incomes and improve their lives on a sustainable basis.

The Republic of Korea is committed to participating in the international effort to reduce poverty and hunger. The Government's recent announcement that it will increase aid to Africa by US$200 million makes it potentially an even more significant partner for IFAD, which has historically allocated the major part of its lending programme to African.

With international support, the Republic of Korea has become the world's 11th largest economy and to date it has pledged more than US$15 million to IFAD.

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IFAD is a specialized agency of the United Nations dedicated to eradicating poverty and hunger in rural areas of developing countries. Through low-interest loans and grants, it develops and finances projects that enable rural poor people to overcome poverty themselves. There are 187 ongoing IFAD-supported rural poverty eradication programmes and projects, totalling US$6.2 billion. IFAD has invested more than US$2.9 billion in these initiatives. Cofinancing has been provided by governments, beneficiaries, multilateral and bilateral donors and other partners. At full development, these programmes will help nearly 80 million rural poor women and men to achieve better lives for themselves and their families. Since starting operations in 1978, IFAD has invested US$9.0 billion in 705 programmes and projects that have helped nearly 300 million poor rural men and women achieve better lives for themselves and their families. Governments and other financing sources in the recipient countries, including project participants, have contributed almost US$8.8 billion, and multilateral, bilateral and other donors have provided another US$7.0 billion in cofinancing.