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IFAD, World Bank boost agriculture with N411.2bn - Okonjo-Iweala
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Okonjo-Iweala, managing director, World Bank, disclosed this in her remark titled “IFAD and The World Bank: A Long-Term Collaborative Partnership for Agricultural Development” at the thirtieth anniversary of the International Fund for Agricultural Development (IFAD).
According to her, “our collaboration also extends to a number of thematic areas; for example: We collaborate on Poverty and Social Impact Analysis (PSIA) work, Bank staff serving as reviewers of several IFAD country case studies on rural poverty in Africa.” These studies, she said are important because they help shed more light on the impact of structural policies on the truly poor and as a consequence contribute to build better partnerships with agricultural communities.
“On rural finance, we are both members of CABFIN, a donor working group on rural finance. IFAD and the Bank have worked together on the update of IFAD’s rural finance strategy and the update of the ‘Rural Finance Decision Tools’. The more we scale up access to rural finance programmes the faster we will reduce poverty,” she added.
Okonjo-Iweala further said that since 1978, both institutions have co-financed 148 projects, 17 in the last five years – including nine in Africa .
“For example, the Cameroon National Agricultural Extension And Research Project strengthened producer organisations and improved credit, inputs, marketing services, and access to the agriculture research and extension system. It did this through a network of almost 59,000 contact groups representing over 50 percent of all farm families (up from 15 percent).”
She noted that as underlined in the 2008 Agriculture World Development Report (WDR), IFAD and World Bank need to deepen and broaden their work, and in addition explore new instruments of assistance such as the Catastrophic Insurance Bonds.
According to her, “our collaboration also extends to a number of thematic areas; for example: We collaborate on Poverty and Social Impact Analysis (PSIA) work, Bank staff serving as reviewers of several IFAD country case studies on rural poverty in Africa.” These studies, she said are important because they help shed more light on the impact of structural policies on the truly poor and as a consequence contribute to build better partnerships with agricultural communities.
“On rural finance, we are both members of CABFIN, a donor working group on rural finance. IFAD and the Bank have worked together on the update of IFAD’s rural finance strategy and the update of the ‘Rural Finance Decision Tools’. The more we scale up access to rural finance programmes the faster we will reduce poverty,” she added.
Okonjo-Iweala further said that since 1978, both institutions have co-financed 148 projects, 17 in the last five years – including nine in Africa .
“For example, the Cameroon National Agricultural Extension And Research Project strengthened producer organisations and improved credit, inputs, marketing services, and access to the agriculture research and extension system. It did this through a network of almost 59,000 contact groups representing over 50 percent of all farm families (up from 15 percent).”
She noted that as underlined in the 2008 Agriculture World Development Report (WDR), IFAD and World Bank need to deepen and broaden their work, and in addition explore new instruments of assistance such as the Catastrophic Insurance Bonds.
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