New Zealand announces US$1.2 million to IFAD for rural development
Rome, 20 August, 2013 - New Zealand announced a contribution of US$1.2 million to the International Fund for Agricultural Development (IFAD) for the Ninth Replenishment of the Fund's resources (IFAD9).
The injection of new funds from New Zealand is a confirmation of IFAD's role in international development architecture as an effective organization that delivers results in the area of food and income security, especially for poor rural people. New Zealand sets very high standards for the funding of multilateral organizations, which are reflected in IFAD's strong efficiency and performance achievements.
IFAD represents a unique partnership that brings together the Organization of the Petroleum Exporting Countries (OPEC), other developing countries and the Organisation for Economic Co-operation and Development (OECD) to find lasting solutions to help millions of poor rural women and men raise their productivity and incomes to overcome poverty. Every three years, the resources the Fund provides as concessional loans and grants to developing countries are replenished by Member States. IFAD leverages member contributions to mobilize other funds through project cofinancing with national governments, international donors and the private sector.
The central focus of New Zealand's aid programme is sustainable development to reduce poverty and contribute to a more secure, equitable and prosperous world. This includes carefully targeting development funds towards activities that bring about tangible differences to the quality of people's lives.
"New Zealand's re-engagement with IFAD shows that our Member States recognize the importance of agriculture and rural development to eradicate poverty," said Kanayo F. Nwanze, President of IFAD. "If we are to achieve a poverty free world, we have to focus on the marginalized, rural areas where most of the poor people live."
New Zealand's announcement comes at a time when the Fund has recently undergone an independent external evaluation of its programmes. As a result of the evaluation, IFAD is implementing a plan to increase the sustainable impact of every dollar it invests in rural development.
Press release No.: IFAD/39/2013
The International Fund for Agricultural Development (IFAD) works with poor rural people to enable them to grow and sell more food, increase their incomes and determine the direction of their own lives. Since 1978, IFAD has invested about US$14.9 billion in grants and low-interest loans to developing countries through projects empowering over 410 million people to break out of poverty, thereby helping to create vibrant rural communities. IFAD is an international financial institution and a specialized UN agency based in Rome – the United Nations' food and agriculture hub. It is a unique partnership of 172 members from the Organization of the Petroleum Exporting Countries (OPEC), other developing countries and the Organisation for Economic Co-operation and Development (OECD).