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Thursday, 03 March 2011

IFAD and Spain strengthen partnership to eradicate rural poverty

Spain has established a new €300 million fund targeting rural poverty and food security, the country’s Foreign Affairs Minister announced on the occasion of the International Fund for Agricultural Development’s (IFAD) Governing Council. Minister Trinidad Jiménez García-Herrera said the Spanish Food Security Cofinancing Facility Trust Fund will consist of a €285.5 million loan from the Government of Spain combined with a grant of €14.5 million to be committed during the years 2011 and 2012. The loan maturity will be 45 years, including a grace period of five years, with funding to be aligned with the policies and practices of IFAD. “Spain’s contribution will ensure immediate and reliable resources that will enhance IFAD’s ability to reduce rural poverty and create income opportunities for smallholder farmers,” said Kanayo F. Nwanze, President of IFAD. The Trust Fund will provide additional resources especially for those countries in which there is demand in excess of available IFAD funding and where there is an urgent need for investment in the areas of agriculture and food security. The financial arrangement between IFAD and Spain will be part of a more comprehensive strategic partnership framework and complements the six-year Partnership Agreement signed in November 2007. In recent years, Spanish development cooperation has undergone rapid reforms. The country, which has long been a leader in development efforts in Latin America, expanded its geographic focus to other regions and has increased development funding in an unprecedented manner. Spain’s Master Plan for 2009-2012 explicitly calls for the establishment of strategic agreements with multilateral institutions in a variety of sectors.

Source: IFAD