£100m Boost for Rural Development

Wednesday 31 July 2024

The International Fund for Agricultural Development has recently taken a monumental step by issuing a €100 million (£84 million) bond to Bank Al Maghrib, the central bank of Morocco, with a focus on rural development. This substantial funding is expected to support various projects worldwide, specifically aimed at enhancing the livelihoods, food security, and climate resilience of millions of households in rural areas.

Small-scale farmers, despite being responsible for producing over half of the world’s food, often find themselves living in poverty. Shockingly, 80% of the world’s poorest individuals reside in rural regions. By investing in rural development and empowering small-scale farming practices, there is an opportunity to not only uplift livelihoods but also achieve significant economic, social, and environmental benefits in alignment with sustainable goals.

The funding provided by IFAD plays a crucial role in assisting rural communities in adopting improved agricultural techniques, gaining access to technologies, and tapping into global markets to boost production and income levels. Noteworthy collaborations with farming cooperatives and women’s organisations in Morocco have led to the development of innovative food value chains, showcasing the transformative impact of targeted interventions.

Natalia Toschi, the Head of Funding at IFAD, expressed, ‘Morocco holds a special place as one of IFAD’s founding Member States. The ongoing projects in Morocco, with a substantial portfolio of nearly US$400 million (£311 million), have demonstrated tangible impacts by reaching over 700,000 households.’

If you want to delve deeper into this fascinating development and stay informed on similar crucial updates, we invite you to join our vibrant community at the Net Zero Club News Network. By becoming a member, you gain access to exclusive content and expert insights that can broaden your perspective and keep you in the know.