The Norwegian government is allocating NOK508 million (US$58 million) to the International Fund for Agricultural Development (IFAD). The funding will be distributed over a three-year period from 2022 to 2025. The amount is a 40% increase from their last project period and supports the ambitions of IFAD to double the organization’s work before 2030.
The agreement is flexible, meaning that if other countries join the effort and IFAD can secure the funding for low-income countries itself, Norway will provide the full amount as core support. However, if IFAD does not manage to increase support for low-income countries, Norway will still ensure that a very high proportion of the Norwegian contribution goes to low-income countries through earmarked funds. Norway is cooperating with the other Nordic countries to encourage the rest of IFAD's member countries to increase their support.
IFAD's work is aimed at increasing the pay of small farmers in low-income countries and improving their families' quality of life. The funding is a part of Norway’s action plan on sustainable food systems in the context of foreign and development policy.