Kuwait supports IFAD’s rural development effort

ROME: Kuwait’s representative at the International Fund for Agricultural Development (IFAD) reiterated Thursday his country’s commitment to the agency’s role and its contributions to financing ambitious programs addressing poverty in rural areas. Waleed Al-Bahar, who doubles as Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED), made the remark in an interview with Kuwait News Agency (KUNA) on the sidelines of the 47th meeting of the IFAD’s governing council in Rome from February 14–15.

Al-Bahar, mentioning that Kuwait is a co-founder of IFAD, spoke of its deeply rooted belief in the active role of the agency in alleviating poverty in rural areas within developing countries. Since its establishment in 1978, Kuwait has been continuously supporting the fund through contributions and active participation in the periodic replenishment process, which takes place every three years to evaluate available resources and assure continuity.

Moreover, according to Al-Bahar, Kuwait takes part in discussions for agricultural development and coordinates with GCC and Arab bloc partners to set common priorities. He underlined the importance of the periodic replenishment process in financing projects, adding that for the period between 2025 and 2027, replenishment is estimated at $2.240 billion. Kuwait’s contribution until the 12th replenishment reached $250 million, stated Al-Bahar, adding that it had also urged member states to contribute to the 13th cycle to facilitate the sought-after results.

He said that the work of the fund touches the lives of some 100 million people in rural areas through increased production and improved infrastructure, especially as commodity prices and inflation increase globally. He further indicated that Kuwait pays special attention to nations lacking food and water security, according to its commitment to the 2030 sustainable development agenda of resolving widespread famine and extinguishing food security, which affects some 700 million people.

The 47th session of the IFAD’s governing council adopted innovative mechanisms to make rural development more sustainable, flexible, inclusive, and fair. These mechanisms aim to address the challenges of a world growing more complex with issues of climate change, conflicts, and poverty, where orthodox methods can no longer be relied on. — KUNA