US$ 481.08 million
US$ 30 million
US$ 0.79 million
Saudi Arabia played a major role in the establishment of IFAD in 1977 and has been a key supporter of the Fund for the past 40 years. Arab Gulf countries financed about 20 per cent of IFAD’s initial funding and its First and Second Replenishments and, as a result, have a strong voice in IFAD’s governance. The Fund’s first three presidents were Arab nationals.
Saudi Arabia’s support to IFAD is critical to combat poverty and strengthen development in developing countries. While Gulf countries do not borrow, they have an interest in agricultural development in the Arab world and many of their financial institutions partner with IFAD as cofinanciers. IFAD serves as an instrument enabling Saudi Arabia to channel resources to developing countries’ agriculture, and as a global forum on agriculture and food security in which Gulf countries play a key role.
Through the 2030 Agenda for Sustainable Development, the world has set ambitious objectives to end poverty and hunger and to overcome inequality in a sustainable manner by 2030. Achieving the 2030 Agenda will require a profound transformation of food systems, including the agriculture sector, as well as the transformation of rural economies, as recently highlighted in IFAD’s Rural Development Report 2016. IFAD is the only United Nations specialized agency and international financial institution focused exclusively on reducing poverty and food insecurity in rural areas through agriculture and rural development. Saudi Arabia is a major donor, accounting for approximately two thirds of total Arab official development assistance. It has played an important role in supporting Arab funds and multilateral development banks.
Saudi Arabia’s support to the Eleventh Replenishment of IFAD’s Resources (IFAD11) is more critical today than ever to ensure increasing investments in rural areas and to enable IFAD to play an even stronger role in helping the world’s poorest citizens move out of poverty