IFAD and EIB Join Forces in Support of Agricultural Development
The European Investment Bank (EIB) and the International Fund for Agricultural Development (IFAD) have signed an agreement to reinforce and expand cooperation between the two organisations. The agreement reflects the shared focus of IFAD and EIB on developing agribusiness and creating jobs and prosperity in the countries where the two organisations both operate. In the context of recent international agreements such as the Sustainable Development Goals and the Paris Agreement on climate change, the partnership will focus on investments in agriculture which will result in sustainable and inclusive economic growth and continued food supplies for a growing population.
Through this partnership, the two organisations aim to share knowledge, implement joint projects and provide financial instruments, such as loans and guarantees, to better channel crucial financing to help smallholder farmers maximise their potential.
Pim van Ballekom, EIB Vice-President, says: “Agriculture and agribusiness play a very important role throughout the world, especially in developing and emerging economies, as these sectors are huge employers and key to social issues such as livelihoods and food security. They have the ability to create more jobs and to further drive growth in a sustainable manner. But to achieve this, they need the correct approach to investment, as well as sufficient funding. They deserve our full attention and support and this is where the EIB and IFAD can make a real impact.”
“IFAD and EIB share a common belief in the importance of investing in smallholder famers and in developing rural areas. Through the Sustainable Development Goals, the world has envisioned an inspiring future. By sharing our knowledge and working together, our two organisations can make a real contribution to ending hunger, achieving food security and ensuring that agriculture is a sustainable business,” adds Associate Vice-President Henock Kifle of IFAD.
