Vietnam pledges to raise IFAD9 contribution

A Vietnamese delegation led by Deputy Finance Minister Truong Chi Trung attended the 36^th session of the IFAD’s annual Governing Council in the Italian capital Rome from February 13–14.

In his opening speech, IFAD President F. Nwanze called for united efforts to bring the world out of poverty.

As many as 1.29 billion people earn less than US$1.25 per day and around 870 million suffer hunger every night.

To ensure food security, boosting sustainable agricultural and rural development is imperative, Nwanze said.

The IFAD President praised member countries’ IFAD9 contributions that will be used to fund global agriculture and rural development projects.

79 nations have committed US$1.38 billion to the fund thus far.

IFAD aims to reach 90 million people by 2015, moving 80 million out of poverty. Dynamic partnerships with governments and donors will be key to scaling up the most innovative and effective projects and programmes.

F. Nwanze was reelected to another four-year term as IFAD President.

IFAD is a specialised United Nations agency dedicated to eradicating rural poverty in developing countries. It was established as an international financial institution in 1977—one of the major outcomes of the 1974 World Food Conference.

Headquartered in Rome, the IFAD is also a member of the United Nations Development Group.

It has so far invested US$13.7 billion through low interest rate loans and grants, developing and financing programmes and projects designed to enable 405 million people to overcome poverty independently.

IFAD now has 167 members including developing countries as well as countries from the Organisation of Petroleum Exporting Countries (OPEC) and the Organisation of Economic Cooperation and Development (OECD).

Since joining IFAD in 1997, Vietnam has actively involved itself in the fund’s activities and especially after becoming a middle-income nation.