Norway puts small-scale agriculture at the center of its fight against hunger and poverty thanks to increased financing from IFAD
Norway stepped up its fight against hunger and poverty today by announcing a contribution of NOK 140 million ($14.7 million) to the International Fund for Agricultural Development (IFAD), the United Nations rural development agency United. The announcement was made during a visit to Malawi by Norwegian Development Minister Anne Beathe Tvinnereim and IFAD President Gilbert F. Houngbo.
With these new funds, in addition to Norway‘s contribution of NOK 508 million (over US$53 million) announced in February last year, Norway’s contribution to IFAD’s work program 2022 to 2024 is equivalent to an 80% increase in the Norwegian krone. (55 percent in United States dollars) compared to contributions from IFAD’s previous program cycle.
Over the next three years, with the support of Member States like Norway, IFAD aims to create the conditions for more than 140 million people living in the most fragile, remote and food-insecure areas to escape hunger and poverty.
“We have a historic opportunity to reinvigorate progress towards ending extreme poverty and hunger by 2030 by increasing our investments in the world’s poorest rural communities,” Houngbo said. “With Norwegian leadership and support, and with targeted and timely investments, rural people can produce more food and increase their resilience to climate change, pandemics and other shocks.”
“IFAD is an important partner for Norway in our contribution to achieving the Sustainable Development Goals,” said Tvinnereim.
Norway’s contribution comes on top of more than $1.2 billion in pledges made by IFAD Member States in support of IFAD’s work from 2022 to 2024. Rural development projects in sub-Saharan Africa will receive at least half the funding, countries facing conflict or other fragile situations. situations receiving more than a quarter of the funds.
Projects addressing climate challenges will receive $4 out of 10 invested by IFAD and its partners. This will contribute to the achievement of the Paris Agreement and ensure that small-scale farmers can access more climate finance. Job creation for young people and rural areas will also be a key investment priority.
A founding member of IFAD, Norway has already contributed more than $488 million to the Fund’s core resources over the past four decades. Norway also funds programs to help small-scale farmers adapt to climate change and fight malnutrition and, more specifically, supports farming families and refugees in the Lake Chad Basin for a total of 30 million of dollars. In 2021, Norway also pledged NOK 45 million ($5 million) to increase incomes and build resilience for small-scale fish farmers in Kenya, Mozambique and Tanzania.
IFAD is the only global development organization working exclusively to eradicate poverty and hunger in rural areas. It is dedicated to transforming agriculture, rural economies and food systems making them more inclusive, productive, resilient and sustainable.