IFAD and Italy - A partnership to eradicate rural poverty

IFAD is unique in being both an international financial institution and a specialized United Nations agency. It is also unique in mandate – the only institution exclusively dedicated to eradicating hunger and poverty in rural areas of developing countries. IFAD provides low-interest loans and grants to developing countries to finance innovative agricultural and rural development programmes and projects, and is among the top multilateral institutions working in agriculture in Africa.

The decision to create IFAD was made in 1974, in the wake of the great droughts and famines that struck Africa and Asia in the preceding years. At the 1974 World Food Conference, world leaders agreed that “an international fund … should be established immediately to finance agricultural development projects”.