Netherlands Signs Agreement with IFC, Contributes €100 Million to Help Poor Farmers
April 21, 2012 -By 2050, a 70 percent increase in world food production will be needed to feed two billion more people with most of the additional $83 billion investment likely to come from the private sector. IFC will use the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) – an IFC-led multilateral funding mechanism focusing on IDA countries – to finance local companies, thereby reaching poor farmers and improving food security in the most vulnerable countries.
In this context, the Netherlands Government – currently the second-largest donor partner to IFC’s Advisory Services program with over $176 million in commitments between FY04 and FY11 – is making a €100million contribution to GAFSP. Agreements were signed at the WB-IMF Spring Meetings in Washington, D.C., April 21.
Ben Knapen, Minister for European Affairs and International Cooperation, Government of the Netherlands, said, “The Netherlands is committed to enhancing food security in poor countries. We are delighted to be associated with GAFSP and to work with IFC and donor partners to support private sector initiatives that improve sustainable food production and help small farmers.”
Lars Thunell, IFC EVP and CEO, said, “We are grateful for the strong support by the Netherlands for food-security investments in countries with the greatest need and those most affected by price volatility and the effects of climate change. With this generous contribution, IFC can strengthen our inclusive approach to tackling the enormous challenges of food security.”
GAFSP is a multilateral mechanism that assists in implementing pledges made by the global community to support investments in agriculture and food security to improve governance, productivity, and competitiveness in the agribusiness sector in low-income countries. The contribution by the Netherlands, together with the commitments made earlier by the U.S. and Canada, will enable the GAFSP Private Sector Window to reach total funding of approximately $200 million, the critical mass necessary to leverage IFC’s expertise and global reach to fulfill the program’s mission. For more information, click here.
For nearly 10 years, the Netherlands and IFC have collaborated successfully within the Netherlands-IFC Partnership Program, which contributes to pro-poor and sustainable economic development by strengthening private sector entities in the poorest countries.
Elizabeth Price Sr. Communications Officer, IFC Manufacturing, Agribusiness, and Services Department Phone: 202-458-0387 Email: firstname.lastname@example.org