IDB Group, IFAD collaborate to assist Latin America, Caribbean
Caribbean
IDB Group, IFAD collaborate to assist Latin America, Caribbean
The Inter-American Development Bank Group (IDB Group) and the International Fund for Agricultural Development (IFAD) receny signed a memorandum of understanding to better support rural and indigenous people in Latin America and the Caribbean, especially in the Amazon region, by working together to implement joint initiatives that aim to reduce poverty, improve food and nutrition security, and adaptation to climate change.
The planned activities include technical assistance, project development and financing, better procurement and financial management, the use of innovative technologies, private sector engagement in smallholder agriculture, staff exchanges, shared technical expertise, joint research, and knowledge generation.
The memorandum of understanding between the two institutions was signed by IDB President Ilan Goldfajn and IFAD President, Alvaro Lario.
The IDB Group and IFAD will explore future collaboration opportunities in several areas, including water management, physical and digital connectivity, empowering smallholder farmers through initiatives spanning insurance, social protection, nutrition, and health, fostering agricultural adaptation in the Andean region, and advancing conservation efforts in the Amazon region.
The ongoing partnership between the IDB Group and IFAD has led to several initiatives. Since 2018, the two institutions worked on joint projects in Brazil, Ecuador, and Haiti, on topics that range from fostering innovation to reducing rural poverty.
Most recently, AgroWeb3 was launched in 2023 making blockchain technologies accessible to smallholder farmers, protecting their information and data as well as ensuring financial and social inclusion. It uses technology developed by the LACChain global network led by IDB Lab.
“We expect to scale this initiative around the world to bring the advantages of the technological revolution to remote communities and vulnerable groups.”
“This cooperation between the IDB Group and IFAD will help bring some of the latest advancements and expertise in agriculture to the rural and indigenous communities specially in the Amazon – that need it most, and is part of our efforts to combat poverty and inequality, and promote more sustainable, climate-friendly development,” said IDB President Goldfajn.
(SOURCE: Inter-American Devolpment Bank- IDB)