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UN agency sets aside 500 mln USD for Africa's rural transformation

Xinhua, August 27, 2016 Adjust font size:

International Fund for Agricultural Development (IFAD) has set aside 500 million U.S. dollars to be used in Africa to catalyze rural transformation in 2016, its president said on Friday.

IFAD President Kanayo Nwanze told Xinhua in the Kenyan capital Nairobi that 40 African countries will benefit from the funds.

"IFAD has prioritized rural transformation in Africa because it is a development process that is inclusive since it brings into play not just agricultural development but also social and economic development," Nwanze said on the sidelines of a World Bank Conference on the Future of Food in sub-Saharan Africa.

The funds will be used along the agricultural value chain in order to strengthen farmers' organization so that farmers can access markets.

Most of the poor people in Africa live in rural areas, so unless the rural regions are economically vibrant, there cannot be national transformation, Nwanze said.

Nwanze said that IFAD's investments were demand-driven so that they would fit into national priorities. "We also don't implement projects. It is governments and the project beneficiaries who implement," he added.

Nwanze said that rural transformation will enable increased economic well-being for families through better nutrition and better education. "We are also promoting programs to provide incentives for the youth to enter into agriculture," he said.

In order to improve outcome of projects IFAD supports, the UN agency has partnered with institutions that have expertise in areas related to the projects.

Nwanze said that in Kenya, IFAD was currently supporting 500 projects valued at 240 million dollars.

IFAD is a specialized agency of the United Nations dedicated to eradicating rural poverty in developing countries. Endit