The International Fund for Agricultural Development (IFAD), www.ifad.org is a specialized agency of the United Nations, was established as an international multilateral financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference. IFAD is dedicated to eliminating hunger and rural poverty in developing countries .
IFAD mobilises resources, enabling rural poor in developing countries to eliminate poverty, hunger and malnutrition; raise productivity and incomes. Seventy-five per cent of the world’s poorest people, mainly women and elderly people, live in rural areas and depend on agriculture and agriculture-related activities for their livelihoods.
IFAD provides direct financing through low-interest loans and grants and attracts additional co-financing for the implementation and collaborating in IFAD-initiated projects and programmes. Lending terms and conditions vary according to the respective country’s per capita GNI.
IFAD works in partnership with others, including the World Bank, regional development banks, other regional financial lending institutions and UN agencies, as well as with borrowing-country governments. Many of them are jointly co-financing and collaborating in IFAD-initiated projects.
IFAD is being funded due to donations from the overall 165 member states, special contributions, inflows from loans repayments and investment income. The volume of yearly commitments for new projects and grants amounts to cca. USD 450 mln.
The Governing Council is IFAD’s highest decision-making authority. Member States are represented in the Governing Council by 18 Governors, and 18 Alternate Governors. The Council meets annually. The Executive Board is responsible for overseeing the general operations of IFAD and for approving its programme of work. The current President of IFAD is Mr. Kanayo F. Nwanze.