IFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

There is good news today for the world’s most vulnerable and marginalised rural communities, as the International Fund for Agricultural Development (IFAD) receives its first public credit rating. This sets the stage for increased investments in food security, employment, and rural economic growth, and is an important step towards the achievement of the Sustainable Development Goals (SDGs).

IFAD is the first fund in the United Nations system to receive a public credit rating. The AA+ (stable) rating was announced by Fitch Ratings, which also assigned IFAD a short-term rating of F1+.

IFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people
Gilbert F Houngbo, President of IFAD

“The strong rating comes at a critical time when the impacts of COVID-19 threaten to push millions more rural people into hunger and poverty. This rating will allow IFAD to strengthen and diversify its resource base, and build global resilience to future shocks,” said Gilbert F. Houngbo, President of IFAD.

As the only global development organization exclusively dedicated to transforming agriculture, rural economies and food systems by making them more inclusive, productive, resilient and sustainable, IFAD plays a central role in the fight against extreme poverty and food insecurity.

- Advertisement -

This credit rating adds momentum to international efforts to catalyze additional financing to achieve the SDGs by 2030 and ensure no one is left behind.

IFAD-supported projects and programmes are funded through contributions from its 177 Member States, investment income and reflows, as well as cofinancing from other sources.

With Official Development Assistance (ODA) under pressure in recent years, IFAD has been exploring new funding models to help it double its impact on reducing poverty and hunger by 2030, and meet the changing needs of borrowing countries.

“Meeting the needs of all our Member States requires IFAD to develop a diversified, broader and more predictable funding base so that we can expand our financial offer for the benefit of our borrowing all countries,” said Houngbo.

- Advertisement -

“The credit rating will provide us with greater scope to forge partnerships including with the private sector, the public development banks that we will be working with at the Finance In Common Summit in November, and gives us the means to leverage every dollar of taxpayer money we receive, allowing IFAD to maximize its support to the poorest of the poor.”

Due to the COVID-19 pandemic, there could be up to 132 million more hungry people in 2020 alone, and extreme poverty looks set to increase for the first time in decades. With only 10 years left to achieve the SDGs, there is an urgent need to increase investment in the rural areas where most of the world’s extremely poor and hungry people live, and where IFAD focuses its activities.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

AfDB partners FG, Microsoft to create 9m jobs in 10 years

Read Also:  Pope Francis to address world leaders at the Governing Council of IFAD
Read Also:  Promasidor Inspires Students on Career Guidance in Abuja

The African Development Bank (AfDB) has launched an eLearning Digital platform to create nine million jobs in Africa’s digital economy in the next 10 years.

- Advertisement -

Orange becomes Premium partner to the Paris 2024 Olympic and Paralympic Games

Four years ahead of the Games, Orange has become Premium partner and official supplier to the Paris 2024 Olympic and Paralympic Games. The partnership was announced by Orange’s Chairman and CEO Stéphane Richard and Paris 2024’s President Tony Estanguet, in the presence of the Mayor of Paris, Anne Hidalgo.

World Cleanup Day: Coca-Cola Partners NGOs, Recovers Over 900kg of Plastic Waste (PHOTOS)

World Cleanup Day, celebrated globally on September 19, 2020, saw diverse people come together to combat the solid waste problem through numerous community cleanup activities.

Orange and Schneider Electric Run Industrial 5G trials in French Factory

Schneider Electric, a leader in digital transformation, energy management and automation, and Orange, a global telecoms operator and leader in digital services, announced the first deployment of indoor 5G in the industrial sector in France on experimental frequencies as part of a trial.

Ventures Platform launches paid traineeship in Lithuania for Nigerian data analysts, scientists

Digital Explorers has launched applications for the second cohort of the program. This time, it is a female-only track that will select up to 15 female Data Analysts and Data Scientists at entry-level who will undergo up to 6 months paid traineeship in Lithuania. The program will consist of intensive training and a placement at a Lithuanian company.

- Advertisement -
IFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand SpurIFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

IFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand SpurIFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand Spur

Latest News

Movies To Watch For Black History Month

It’s the last week of black history month and it feels like this month we had plenty of movies...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -IFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand SpurIFAD becomes first UN fund to receive a credit rating, providing a boost to the world’s poorest people - Brand Spur