Boost for rural areas
International Fund for Agricultural Development (IFAD) and Kuwait, represented by the Kuwait Fund for Arab Economic Development, signed an agreement for cooperation on rural development and the empowerment of rural communities.
The agreement, a Memorandum of Understanding, was signed by IFAD President Gilbert F. Houngbo and KFAED Deputy Chairman Hisham Al-Wegayan in Rome.
Houngbo stressed the strategic importance of the agreement in bolstering IFAD’s work and its unique role in developing agricultural areas and supporting the livelihoods of hundreds of millions of disadvantaged small farmers.
He described the Kuwait Fund as an effective and dynamic partner in the management and implementation of community development efforts.
He also said Kuwait had a pioneering role due to its strong contributions to IFAD and active presence in the OPEC Fund.
For his part, Al-Wegayan said the agreement represents a “qualitative leap” in partnership and cooperation between the two funds in their humanitarian and development goals.
The agreement includes several practical aspects, such as economic strategy exchange and the cofinancing of projects and programmes for agricultural development and food security, all of which are at the Kuwait Fund’s core humanitarian interests.
He also noted the two funds’ expertise in working with an array of developing communities accumulated over many years.