IFAD President: Each year $83bln needed to ensure food security in world
Azerbaijan, Baku, June 24 / Trend, I. Khalilova /
Each year $83 billion is needed for investment in agriculture to address the shortage of food in the world, President of the International Fund for Agricultural Development (IFAD) Kanayo F. Nwanze said during the 21st Islamic Development Bank Annual Symposium, held in Baku within the 35th annual congress of the Islamic Development Bank (IDB).
"This means that at present, we must increase our investments by 50 percent. I think that now, each country can increase its allocations from national budgets to 10 percent for investment in agriculture," Nwanze said.
This is an achievable goal, he said, urging all countries to adopt it for service.
IFAD jointly with other partners shows how agricultural investments in developing nations can be structured in ways that are viable alternatives to large-scale land acquisitions. More inclusive business models can bring benefits to smallholder farmers and protect their land rights, while also ensuring profitable returns for companies, he said.
According to him, today a historic opportunity is provided to reduce poverty in rural areas.
"Agriculture plays a vital role not only in food security, but also in economic growth. Economic growth in rural areas both fuels and is fuelled by growth in the agricultural sector. Both must be underpinned by functional infrastructure - including roads, energy supplies and markets," he said.
"This is crucial for rural employment. Without local jobs, young people will be driven away from rural areas in search of work in the cities," he said.
Over two billion people worldwide live in rural areas.