(Rome) The International Fund for Agricultural Development (IFAD) on Tuesday announced the formation of an alliance with public development banks to finance the transformation of food systems.
Ultimately, the goal is to promote sustainable agriculture and distribution, promote fair rewards for local producers and combat inequality in access to food.
Funding needs are estimated at $350 billion annually for the next 10 years (0.5% of global GDP), Fida, a United Nations body, states in a press release.
Public development banks are already investing heavily in the food and agricultural sectors. “By harnessing and redirecting these investments to support the transition to more equitable and sustainable food systems, we can make a real difference,” Gilbert Hongbo, President of the International Fund for Agricultural Development, said in the statement.
The initiative was announced during the pre-summit summit held in Rome from July 26-29 ahead of the United Nations summit devoted to the topic in September in New York.
In addition to Fida, the French Development Bank (AFD) and the Italian Deposit Fund (CDP) are linked to the new alliance which should also appeal to “public authorities, research institutes, private sector companies and civil society organizations”. She said.
There are not enough resources [financières] transforming food systems,” warned at the opening of the summit Amina Mohammed, Deputy Secretary-General of the United Nations.
Long before the onset of the pandemic, “we were not already on track to eliminate global hunger and malnutrition by the end of 2030,” a goal set by the United Nations, but “the pandemic has made the task more difficult,” notes a recent UN report.
Italian Prime Minister Mario Draghi at the Rome meeting lamented “the health crisis has led to a food crisis,” stressing that in 2020 more than 810 million people in the world suffered from hunger, compared to 690 million in 2019.
In a message to participants in the pre-summit summit, Pope Francis noted support for the transformation of food systems to “strengthen local economies, improve nutrition, reduce food waste, promote healthy diets accessible to all, and sustainable development for” environmentally friendly and respectful local cultures.
The crisis we are facing is actually a unique opportunity فرصة […] to attack the roots of our unfair diet,” the Argentine pope added.
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