ROME – In his last official visit to Saudi Arabia and Kuwait, the outgoing President of the International Fund for Agricultural Development Kanayo F. Nwanze will stress the importance of investing in agriculture as a means of transforming poor rural communities and diversifying national economies.
With a sharp decline in oil prices and increasing youth unemployment, Saudi Arabia and Kuwait are considering ways to transform their economies to be less dependent on oil profits.
Nwanze will meet with Abdulrahman Bin Abdulmohsen Al-Fadhli, Saudi Arabia’s Minister of Environment, Water and Agriculture in Riyadh today (Jan. 17). The following day, he will meet Adbelwahab A. Al-Bader, the Director General of the Kuwait Fund for Arab Economic Development, in Kuwait City.
“We will discuss the changed realities in the region and look ahead to how we can strengthen our partnerships and work together in the future,” said Nwanze on the eve of his departure.
In particular, Nwanze and Minister Al-Fadhi will discuss ways to promote small-scale agriculture and preserve scarce water resources in the country.
“This is also a good opportunity to thank Saudi Arabia and Kuwait for their long-standing support of IFAD and their contribution to lifting millions of rural people out of poverty,” Nwanze added.
Both Saudi Arabia and Kuwait are founding members of IFAD. Saudi Arabia is IFAD’s seventh highest cumulative donor, contributing more than $485 million to the organization over its 39 years of operation. Kuwait has contributed more than $218 million to IFAD, including its contribution to the Special Program on Africa. This is almost three per cent of total contributions received by the IFAD.
Nwanze completes his second term as IFAD president on March 31, 2017. IFAD presidents are limited to two terms in office.
IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, it has provided about $17.7 billion in grants and low-interest loans to projects that have reached some 459 million people. IFAD is an international financial institution and a specialized United Nations agency based in Rome – the UN’s food and agriculture hub.
