Washington, January 21, 2013—IFC,
a member of the World Bank Group, and FAO, the U.N. Food and Agriculture
Organization, signed an agreement to deepen their partnership in
promoting private investment in agriculture in low-income countries.
The two institutions plan to jointly
formulate business proposals for agricultural investments in selected low-income
countries, and IFC will utilize FAO’s technical expertise and knowledge
networks as it implements its strategy for promoting food security and
rural incomes. IFC and FAO will also work together to further best practice
guidelines such as the Principles for Responsible Agriculture Investment.
“IFC is rapidly increasing investments
across the agribusiness supply chain to promote food security and rural
incomes,” said IFC Executive Vice President and CEO Jin-Yong Cai. “We
know we can have even greater development impact by working more closely
with partners like FAO.”
“The private sector, from smallholders
to large agribusiness companies, is one of the driving forces behind increased
agricultural production and economic growth worldwide,” said FAO Director-General
Josť Graziano da Silva. “This agreement with the IFC, which has an impressive
track record of successful support to private agribusiness, will strengthen
our cooperation in this area.”
IFC made $4.2 billion in agriculture-related
investments during FY12, more than double the prior year.
IFC, a member of the World Bank Group
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
FAO is a specialized UN agency whose
mandate is to raise levels of nutrition, improve agricultural productivity,
better the lives of rural populations and contribute to the growth of the
world economy. FAO has 191 Member Nations, two associate members and one
member organization, the European Union (www.fao.org).