The International Fund for Agricultural Development (IFAD) announced today that it has signed an agreement with Iraq that opened the door for the fund to finance its first agricultural investment project in Iraq after the war against ISIS, which will contribute to increasing the incomes of poor rural communities in four southern governorates of the country.
The fund said in a statement today that its contribution to Iraq has so far been limited to a regional grant for agricultural research, adding that the fund will invest in a loan for a seven-year investment project, and a grant worth about $16.23 million, complemented by another grant worth $2 million from the Adaptation Program for Smallholder Agriculture.
The statement indicated that the overall goal of the Fund’s engagement in Iraq is to support government priorities and national agricultural programs aimed at increasing the productivity and income of smallholder farmers, while enhancing resilience to climate change.
According to the Fund’s statement
, the project will invest in developing irrigation infrastructure, improving food security and nutrition, and reducing poverty by increasing agricultural and non-agricultural incomes.
He added that the project will contribute to reducing vulnerability and increasing the incomes of poor rural communities in the four southern governorates of Maysan, Muthanna, Dhi Qar, and Diwaniyah; enhancing the resilience of smallholder crop and livestock production systems to climate change; and enhancing the productivity and profitability of smallholder crop and livestock producers through access to financial services, technologies, and access to profitable markets.
Source: National Iraqi News Agency