Fiji will now become the hub of the International Fund for Agricultural Development (IFAD) in the region after it officially opened it’s office in Suva.
IFAD's work aims to catalyse country and global progress for rural people to overcome poverty and achieve food security through remunerative, sustainable and resilient livelihoods.
Speaking at the inauguration of the IFAD Pacific Country Office at the Grand Pacific Hotel, Acting Prime Minister and Minister for Finance Professor Biman Prasad acknowledged IFAD for its contribution and support to Fiji and the Pacific.
He says for more than four decades, IFAD has been financing initiatives in the Pacific Small Islands Developing States, assisting communities in promoting resilience and improving livelihoods and food security,
He says IFAD’s total investment in the Pacific amounts to US$417.7 million, of which IFAD’s programme of Loans and Grants is of US$130.5 million, and domestic and international co-financing leveraged equals US$287.2 million, 33 percent of which is domestically financed.
Professor Prasad says IFAD’s engagement in the Pacific has expanded with its Programme of Loans and Grants and grew from US$24 million in IFAD 8 (2010-2012) to US$40 million in IFAD 12 (2022-2024).
He adds in Fiji and the South Pacific, we are actively advocating more emphasis on adaptation and leveraging climate financing in addition to what we do for climate mitigation.
Prior to the launch, the Acting PM also had a meeting with the IFAD Associate Vice-President, Donal Brown and IFAD members.
The discussions were centered around the Coalition Government’s priority areas of improvement, development of agricultural sector and the rural economy.
Brown says this is a historic partnership where they will set-up in Fiji and also assist the regional island states.
He says this office will enable them to build on their shared ambition for the world by empowering poor people so they can earn higher income and strengthen their livelihood opportunities.
The inauguration was attended by Minister for Agriculture, Vatimi Rayalu, Assistant Minister in the Office of the Prime Minister Sakiusa Tubuna, Assistant Minister for Finance Esrom Emmanuel, Assistant Minister for Education Iliesa Vanawalu, foreign delegates and members of diplomatic corps.
