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IFAD Allocates Nearly US$50m To Liberia
Date Uploaded: Aug 09, 2016

Agriculture Minister Dr. Moses M. Zinnah

 

 

IFAD Allocates Nearly US$50m To Liberia

By Ballah M. Kollie

MONROVIA, August 8 (LINA) – The International Fund for Agricultural Development (IFAD) says it has earmarked nearly US$50 million to invest in the agriculture sector of Liberia.

IFAD President Dr. Kanayo F. Nwanze made the disclosure at a joint press conference he addressed with Liberia’s Agriculture Minister Dr. Moses M. Zinnah at the Ministry of Foreign Affairs in Monrovia Monday.

According to Dr. Nwanze, nearly US$25 million will go towards two projects -- tree crop extension from Lofa to Nimba Counties and the Community Financing Institutions that cuts across 10 commercial banks accredited by the Central Bank of Liberia.

The amount covers undisbursed allotments for the period of 2013 to 2015 respectively.

“But also what I can say to you is that IFAD has allocated an additional US$25million to undefined area," the IFAD head revealed.

The stipulated amounts are subject to government’s approval both in terms of the area of investment as well as benefiting counties.

The aim, he said, is to afford local farmers and people access to banking services through the accredited banking institutions.

IFAD boss assured Liberians of his institution’s support to the country with the aim of generating the needed impact, especially in the lives and on the livelihoods of the country’s rural population.

The investment will further ensure the reduction of poverty, ensure food security and promote social development in rural areas, he said.

He noted that without investment in rural areas, African countries will not achieve sustainable development.

“When you have an institution like IFAD that is investing in people and you have a recipient government that is very responsive, it encourages us to do more, especially when you see success on the ground,” Dr. Nwanze observed.

He described investment in youth, women and rural people as cardinal to the growth and development of any country.

According to him, IFAD has since1980 partnered with Liberia and has over 100 programs it is funding, including tree crops development, community development, with projections to match future demands.

LINA BMK/TSS/PTK

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