Bringing investment to rural sector key priority: IFAD president

BRINGING investment to the rural sector is a key priority for the International Fund for Agricultural Development (IFAD), President Alvaro Lario said, adding that investment in agriculture is two to three times more effective in reducing poverty than in any other sector.

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In an interview with PTI, Lario stressed on the importance of bringing private capital to the rural sector, and said that globally, investments worth around USD 75 billion is required to adapt to the impact of climate change.

Founded in 1977 in response to a global food crisis, IFAD is a specialised United Nations agency and an international financial institution that tackles hunger and poverty in rural communities.

"IFAD's priority is to mobilize financing, especially long-term financing for rural areas and especially to have and deliver a long-lasting impact for those who need it most," Lario told PTI.

"So for us, finance is a means to an end and we know that investment in agriculture is two to three times more effective in reducing poverty than in any other sector," he said.

He said IFAD has partnered with India for nearly 50 years and India is among its founding members, as well as one of IFAD's largest borrowers and also a donor.