The Fund, including a EUR285.5 million loan from Spain and a grant of EUR14.5 million, will target rural poverty and food security, complementing IFAD's investments in areas of greater need.
The Fund is part of a partnership between Spain and IFAD to combat rural poverty and promote sustainable development.
19 February 2011: Spain has established a EUR300 million fund to target rural poverty and food security, as part of a strategic partnership between the country and the International Fund for Agricultural Development (IFAD) to combat rural poverty and promote sustainable development. The announcement was made at the opening of IFAD’s annual Governing Council meeting on 19 February 2011, in Rome, Italy.
The Fund will include a EUR285.5 million loan from Spain with a grant of EUR14.5 million, and the funding of activities will be aligned with the policies and practices of IFAD. The Fund will complement IFAD’s investments, particularly where funding needs for agriculture and food security exceed IFAD’s capacities. The strategic partnership between Spain and IFAD was established in 2007. [IFAD Press Release]