Saudi Fund for Development Supports IFAD’s Rural Development Projects
24 February 2012: Responding to the food and nutrition crises in the Sahel and the Horn of Africa, and continued impacts of climate change, the Saudi Fund for Development (SFD) and the Arab Bank for Economic Development of Africa (BADEA) met with the International Fund For Agricultural Development (IFAD) to enhance collaboration on rural development in fragile States.
At the meeting, SFD announced a $12 million grant to support IFAD projects in Somalia, Yemen and Pakistan, which have little capacity for climate change adaptation and mitigation. In addition to the challenges posed by climate change, meeting participants stressed the need for long-term investments in agriculture to meet growing demands for food, as food import prices rise. To date, Saudi Arabia has been IFAD's second-largest contributor. [IFAD Press Release]