IFAD to grant $48.35 mil to boost agriculture

The International Fund for Agricultural Development (IFAD) will give a US$48.35 million loan to the “Tam Nong Support Project” to be developed in three provinces of Vietnam.

The 5-year loan was validated by an agreement signed between Vietnamese Ambassador to Italy, Dang Khanh Thoai, and the representative of the IFAD in Roma, Italy, yesterday.

This is the largest among the loans the IFAD have granted to Vietnam so far.

With “Tam Nong” meaning “agriculture, farmers and rural areas”, the project will give support to 117 poor communes in 16 districts of three provinces: Tuyen Quang, Gia Lai and Ninh Thuan.

As shown on the IFDA website, the project has three components: institutional strengthening for the implementation of pro-poor initiatives under Tam Nong; promotion of pro-poor value chains; and commune market-oriented socio-economic development planning and implementation.

The project’s ultimate goal is to raise the quality of life for rural people, especially those living in the most disadvantaged areas.

Specifically, the project aims to secure the sustained and lucrative economic participation of about 73,800 ethnic minority and rural poor households living in the three countries.

Speaking at the signing ceremony, IFAD President Kannayo Nwanze, who visited Vietnam last month, highly appreciated the progress achieved by the Vietnamese Government in agriculture and rural development.

Vietnam is an excellent example for other developing countries to follow, since the country has from the position of a country lacking food become one of the world’s leading food exporters, significantly contributing to ensuring the world’s food security.

He said IFAD will continue giving support to Vietnam. IFAD will continue seeking ways to enhance the quality of life for rural people, especially ethnic minority communities, in Vietnam, he said.

He also expressed his hope that Vietnam would strengthen cooperation with IFAD in boosting investment in agricultural and rural development.

Tags: Vietnam agriculture