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Italy : IFAD will invest USD 554 million to support the recovery of family farming in Latin America and the Caribbean after the impact of COVID-19
Publish Date : 19-May-2020
The International Fund for Agricultural Development (IFAD), the specialized agency of the United Nations for rural development, will allocate USD 554 million to support family farming in Latin America and the Caribbean during the crisis of COVID-19 and to contribute to its recovery and modernization once the impact of the pandemic has passed.
“Stopping the spread of the virus is a priority, but it is also necessary to ensure that the health crisis does not lead to a food crisis. To avoid this, it is essential to guarantee the productive capacity of small farmers who play a key role in putting healthy food on the people's table, â€said Rossana Polastri, IFAD's Director for Latin America and the Caribbean.
From the first moment of the crisis, IFAD has been in permanent contact with the rest of the agencies of the United Nations system and other actors of international cooperation and, above all, with the Governments of the 17 countries of the region where It has ongoing operations to define how to contribute to its efforts to cope with the impact of COVID-19.
IFAD has identified $ 34.9 million that is already being used as rapid response funds to address the most pressing priorities. These funds will make it possible to extend the period of implementation of the rural development projects in progress and to continue using the experience and knowledge of the professionals who work in them to support family farmers in difficulties.
On the other hand, the portfolio of IFAD-financed projects in the region , amounting to USD 1.3 billion (554 million IFAD financing and 772 additional financing mobilized by the Fund), will be adapted to contribute to recovery once confinement is lifted.
“We are already looking to the future and discussing with the authorities in Latin America and the Caribbean how the projects will address the challenges that COVID-19 will leave behind. We will focus on early recovery and high impact activities, in line with the national recovery and economic recovery plans designed by the governments â€, explained Rossana Polastri.
The new projects that are currently in the design phase and that will involve an additional investment of close to USD 1.2 billion (250 million IFAD funds and 950 million additional funds) will follow what the IFAD Director for Latin America and the Caribbean It has been called the "3R approach: Recovery, Reactivation and Resilience" .
The fundamental objective of IFAD's operations, both ongoing and in the process of being designed, will be to enable farmers and rural households to regain their economic activity as quickly as possible.
To this end, measures are being developed such as simplifying the processes for disbursing money to benefit larger groups of farmers at a faster rate; improve access to public food procurement programs; strengthen local supply chains; develop digital tools to help farmers trade their products, enabling direct connection with consumers; promoting the use of green agricultural infrastructure and practices that guarantee the sustainability of production even in a context of climate change; and provide technical assistance to governments tostrengthen synergies between programs to promote agricultural production and social protection .
“Crises are opportunities for change. We should take advantage of the challenge that COVID-19 poses to the societies of Latin America and the Caribbean as an opportunity to recognize the essential role that family farmers play in society , and provide them with the means they need to prosper. Their well-being is the only guarantee for everyone's food security â€, declared Rossana Polastri.
