Pope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD

Must Read

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...

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 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 -

Rome, 11 December 2020  Despite the economic consequences of COVID-19, a growing number of countries around the world today stepped up their investments in long-term development, signalling a greater awareness of the links between hunger, inequality and instability which often spark humanitarian crises.

By pledging new funds to the UN’s International Fund for Agricultural Development (IFAD), they committed to ensuring hundreds of millions of rural people in some of the poorest countries can sustainably access nutritious food and earn decent incomes.

Pope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD

These announcements were made at the first formal pledging session in support of IFAD’s Twelfth Replenishment – a process whereby the Member States commit funds to the organization for its work in 2022-2024. Some of the world’s poorest countries were among the first to announce their commitments. Ahead of the pledging session, Pope Francis also indicated his support to IFAD through an unprecedented contribution from the Holy See.

“As we globally battle the impacts of COVID-19 and a rapidly changing climate, our inter-dependence has never been clearer. It is essential to work together to transform our food systems and increase the prosperity and well-being of the world’s most vulnerable rural people, so that we can prevent mass migration and conflict, building a stable, peaceful world for all,” said Gilbert F. Houngbo, President of IFAD.

- Advertisement -

“The pledges made today not only show the commitment of these nations to eradicate poverty and hunger, but are also a demonstration of their confidence in the impact of IFAD’s work.”

These sentiments were echoed by Cardinal Pietro Parolin, the Secretary of State of His Holiness the Pope, in a statement. “We simply cannot keep silent in the face of so much suffering and adversity,” he said. “Today more than ever the international community must join forces to prepare for and achieve a future that is sustainable, inclusive and just for all. This is what we must do and it is within our reach: help the poorest and most vulnerable people of our world.”

Sweden announced a pledge today that is 60 per cent higher than their last contribution. “Sweden remains firmly supportive of the important work that IFAD is undertaking to eradicate poverty and to strengthen sustainable food systems,” said Peter Eriksson, Sweden’s Minister for International Development Cooperation.

Describing themselves as “proud to support IFAD,” the Netherlands also announced their significant pledge. “The Netherlands strongly values its partnership with IFAD in making a difference for rural people and food security and remains a dedicated donor in agricultural development to tackle poverty and hunger,” said Kitty van der Heijden, Director-General of International Cooperation at the Dutch Ministry of Foreign Affairs.

Read Also:  On International Day of Family Remittances, a reminder that 1 in 9 people globally are supported by funds sent home by migrant workers
- Advertisement -

IFAD is one of the world’s largest multilateral financiers of agriculture and rural development, active in remote, rural areas in almost 100 countries.

For over 40 years, its work has shown that investing in rural areas promotes prosperity, food security and resilience to weather changes, natural disasters, price hikes and other shocks like the COVID-19 pandemic that can later lead to humanitarian crises.

Research also shows that economic growth in agriculture is two to three times more effective at reducing poverty than growth in other sectors.

Many other Member States announced their intention to step up their contributions in this first pledging session. Finland raised its contribution by more than 40 per cent. Japan also made a significant pledge. Meanwhile, Greece, Luxembourg, and São Tomé and Príncipe increased their contributions.

- Advertisement -
Read Also:  Trump impeachment: What it means for Emerging Markets

Cabo Verde and other countries also pledged, joining those who announced contributions to IFAD earlier in the year including Burkina Faso, Côte d’Ivoire, and Mali who pledged to at least double their most recent contributions to IFAD, with large increases also coming from The Gambia, Sierra Leone and Uganda. Many other countries have confirmed their intention to announce increased contributions at the main pledging session in February 2021.

IFAD has called for donors to significantly increase their contributions to deliver an overall programme of work of at least US$11 billion from 2022 to 2024, including through a new private sector financing programme and an expansion of its pioneering climate change adaptation programme (ASAP+).

This would help approximately 140 million rural people increase their production and raise their incomes through better market access, contributing to creating jobs and improving food security and nutrition for the world’s most vulnerable people.

IFAD is unique among international organizations in that far more of its Member States contribute to its core funding, including some of the world’s poorest countries, highlighting the value they place on the support they receive from the Fund.

- Advertisement -
Pope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - Brand SpurPope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - 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.

Pope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - Brand SpurPope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - Brand Spur

Latest News

5 Ways Your Data Could Be Hurting Customer Retention

According to a now-classic article in the Harvard Business ReviewExternal Website. Opens New Window, depending on the study and...

Okomu Oil Palm Generated N20.50bn Revenue…PAT up by 46.28%

Okomu Oil Palm Company PLC 2020 year-end financials show a significant 24.08% revenue growth when compared to the full year 2019 turnover. This was...

Flour Mills of Nigeria continues its strong performance with Q3 results ahead of the first two quarters and solid growth in all segments

January 26, 2021 - Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied group, owners of the iconic food brand -...

Nearly 60% of Global Bank Rating Outlooks Are Still Negative

Fitch Ratings - 26 January 2021: A newly-updated interactive country-by-country map of bank rating trends from Fitch Ratings shows that nearly 60% of bank...

MPC Leaves All Rates Unchanged

At the end of the two-day bi-monthly MPC meeting, all policy levers were maintained following a unanimous vote of all members of the committee. ...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Pope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - Brand SpurPope Francis joins 25 countries to fight against poverty and hunger in first round of pledges to IFAD - Brand Spur