The International Fund for Agricultural Development and Bank of Morocco Strengthen Their Partnership to Support Global Food Security
The International Fund for Agricultural Development (IFAD) and Bank of Morocco have entered into a new partnership aimed at enhancing financing for food security in rural areas worldwide, with the issuance of a sustainable bond worth $150 million over a ten-year period. This marks the eleventh issuance by IFAD, aligning with its funding plan for 2025.
Previously, IFAD launched this plan in July 2024 through an initial partnership with Bank of Morocco by issuing bonds worth €100 million, reflecting the solid relationship between the two institutions. Natalia Toshi, head of financing at IFAD, stated that Bank of Morocco’s commitment as a recurring investor reflects confidence in IFAD’s mission and its importance amid global fluctuations. She added that the bank adheres to institutional policies on corporate social responsibility that align with IFAD’s goals.
The proceeds aim to finance developmental projects in rural areas globally, focusing on transforming them into more productive and sustainable environments, thereby enhancing livelihoods, food security, and the resilience of millions. Donal Brown, the assistant vice president of IFAD, explained that this partnership is based on a long-standing relationship with Morocco spanning over four decades, during which Morocco has demonstrated leadership in rural development and combating climate change.
Since 1979, IFAD and Morocco have jointly invested over $1.7 billion in 16 projects, benefiting more than 700,000 rural households. Current IFAD projects align with the “Green Generation 2020-2030” program, encompassing three active projects valued at $250 million, primarily targeting women and youth in mountainous areas.
Approximately three billion people in developing countries face challenges in rural areas, where 80% of the world’s poor live, despite smallholder farmers contributing to one-third of the world’s food production. Current data shows that 730 million people suffer from hunger, equivalent to one in every eleven individuals. Nonetheless, experiences confirm that investment in agriculture and rural development can yield significant economic, social, and environmental gains and contribute to achieving sustainable development goals, particularly ending poverty and hunger.
