Press release number: IFAD/36/06 Rome, 12 September 2006. The Member States of the International Fund for Agricultural Development (IFAD) have set the target level for its Seventh Replenishment of Resources at US$720 million. This represents an increase in contributions of almost 30 per cent over the previous replenishment. It is the largest replenishment for IFAD since the First Replenishment in 1981. “This increase shows that our members recognize the crucial importance of rural development to achieving the Millennium Development Goals,” said the President of IFAD, Lennart Båge. Seventy-five per cent of the world’s poorest people, 800 million men, women and children, live in rural areas and depend on agriculture and related activities for their livelihoods. “If we are to achieve our commitment to halve the proportion of people living in extreme poverty by 2015, we must focus on the rural areas of developing countries, where most poor people live,” Båge said. Funding for the Seventh Replenishment, which covers the three-year period from 2007 to 2009, will allow IFAD to significantly increase its programme of work in developing countries. Member State contributions will enable IFAD to take more innovative approaches to rural development. A specialized agency of the United Nations, IFAD is dedicated to eradicating rural poverty in developing countries, especially low-income, food-deficit countries. It works with governments to develop and finance programmes and projects that enable poor rural people to improve their livelihoods sustainably and overcome poverty themselves. IFAD is financed through periodic replenishments. Every three years, Member States take part in negotiations to determine the organization’s policy direction, consult with its management and replenish its resources. Both developed and developing countries pledged significant increases to the Seventh Replenishment. The United Kingdom pledged to increase its contribution by 25 per cent. The United States announced a 20 per cent increase. Spain will contribute US$7.4 million, a three-fold increase over its previous contribution. Italy has announced a contribution of US$51.0 million, and Ireland has pledged to contribute almost US$7.4 million, a more than five-fold increase over the Sixth Replenishment. Several OPEC countries significantly raised their contributions from the previous replenishment. Qatar increased from US$1.0 million to US$10.0 million and Venezuela moved from US$5.6 million to US$15.0 million. Other OPEC countries will maintain their contributions at Sixth “A great vote of support comes from developing countries themselves,” Båge said. China has announced a contribution of US$16.0 million, representing a 50 per cent increase over its previous contribution. India will contribute US$17.0 million, and Pakistan has pledged US$4.0 million. Egypt, Mexico and the Republic of Korea each pledged US$3.0 million to the Seventh Replenishment.
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