IFAD is building its relationship with the private sector on three pillars:

• working with the corporate sector at the project level;
• investigating means to access capital markets; and
• participating in the ongoing dialogue on new technologies.

IFAD's private-sector strategy centres on capital markets and the corporate sector. Recently a framework for market-based cofinancing of IFAD projects and programmes has been approved, thus allowing the Fund to support recipient governments' access to capital markets for the purpose of financing activities linked ot IFAD projects. IFAD is also collaborating with Deutsche Bank's Microcredit Development Fund, which provides guarantees to microfinance institutions operating in IFAD project areas, allowing them to access resources from local commerical banks.