Egypt Approves IFAD's 12th Replenishment to Eradicate Rural Poverty

The Egyptian Parliament approved a resolution of the International Fund for Agricultural Development (IFAD) governing council, adopted in Rome during the period 17-18 February 2021, regarding the twelfth replenishment of the Fund’s resources, and Egypt's contribution to the fund, which amounts to $3 million.

This came during the plenary session on Tuesday, in the presence of representatives of the concerned authorities.

It is worth noting that the value of Egypt's founding contribution to the fund's resources amounted to about EGP 120,000 and the total value of Egypt's contributions through previous renewal agreements of the fund's resources amounted to about $27 million.

By contributing to the twelfth replenishment, Egypt aims to emphasize its role and fruitful cooperation with the fund in supporting agricultural development plans in all member states of the fund, which came in line with the country’s vision 2030.

The objectives of the presented resolution were as follows:

Supporting the Fund's resources with an estimated amount of $1.55 billion to achieve the objectives of the loans and grants program to reach about $3.8 billion, to implement the Fund's tasks in eradicating rural poverty and achieving food security.

Support the implementation of adaptation programs for smallholder agriculture within the framework of the African Resilience Program and the private sector financing program to stimulate private financing of small rural projects to create job opportunities for youth and women.