Home BusinessFinancial France, Norway and Spain make landmark financial commitments to IFAD, as President urges others to follow suit – World

France, Norway and Spain make landmark financial commitments to IFAD, as President urges others to follow suit – World

by Paul Morgan

Title: France, Norway, and Spain Lead the Way in Financial Contributions to Combat Global Food Insecurity

France, Norway, and Spain have recently announced record-breaking financial contributions to the International Fund for Agricultural Development (IFAD). These significant contributions come at a crucial time when global food insecurity, poverty, and the impact of climate change threaten the livelihoods of millions of small-scale farmers and rural populations. While these countries have set a remarkable example, IFAD’s president, Alvaro Lario, emphasizes the urgency for other global leaders to follow suit.

Unprecedented Contributions:
President Emmanuel Macron of France pledged a record $150 million to IFAD’s 13th replenishment at the Global Citizen Festival, representing a 60% increase in euro terms. Similarly, Norway’s International Development Minister, Anne Beathe Tvinnereim, announced a 50% increase in their contribution, amounting to approximately $90 million. Spain’s Prime Minister, Pedro Sanchez, pledged a four-fold increase from their previous contribution, amounting to $21 million.

Importance of Scaling Up Investments:
IFAD’s President Alvaro Lario emphasizes the need for scaling up investments in rural populations and small-scale farmers to ensure food security and combat poverty. He highlights the threats faced by these vulnerable groups due to climate change and the growing trends of hunger and poverty. Lario believes that without addressing these issues, global stability will remain unattainable.

Growing Trust and Support:
Global South countries, including Cambodia, Côte d’Ivoire, Democratic Republic of the Congo, Niger, South Sudan, and Tajikistan, have also demonstrated their support for IFAD by announcing their financial pledges. These early pledges, along with the substantial contributions from France, Norway, and Spain, highlight the growing recognition of IFAD’s critical role in combating global hunger and poverty.

Championing IFAD’s Replenishment:
President Macron has actively championed IFAD’s replenishment and will co-host the main pledging session in Paris. Janet Yellen, the United States Secretary of the Treasury, has also emphasized the importance of IFAD in alleviating rural poverty in the face of climate change. IFAD aims to secure $2 billion in new financing from member states to implement rural development programs worth $10 billion.

The Path Forward:
IFAD’s current replenishment exercise presents an opportunity to redefine a path towards improved food security and reduced poverty. By investing in small-scale farmers and rural populations, IFAD aims to facilitate their adaptation to climate change, access to markets, technology, and finance, and ultimately help them earn a living income and move out of hunger and poverty.

France, Norway, and Spain’s unprecedented financial contributions to IFAD mark a significant milestone in the fight against global food insecurity. These investments provide a compelling value for money argument, as IFAD’s leveraging capacity allows additional borrowing and financial support from other international financial institutions, governments, and private investors. It is essential for other global leaders to join this effort, as a collective response is necessary to combat hunger and poverty and ensure a more sustainable future for rural populations and small-scale farmers worldwide.

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