• Short Summary

    The world's newest international aid agency is planning to spend one billion dollars in two years.

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    SV INT President of the IFAD, Abdel Muhsin Sudeary of Saudi Arabia (seated) speaking in English

    SV Woman taking notes

    SV Abdel Muhsin Sudeary speaking in English

    SUDEARY: "My election to the post of the first president of IFAD is a very important sign of goodwill and co-operation, not as far as my election as a person, but the election of the first president of IFAD. I think it is an important step in the history of development and in the history of co-operation among all parties involved. This financial co-operation between OPEC developing countries, OECD and developing recipient countries has been a landmark in the history of international economic co-operation. As far as IFAD is concerned I would say that IFAD was created because of a very important reason. As you recall at the World Food Conference in 1974 the situation was very precarious. There was a famine, there was hunger, there was political difficulties in getting food to those poor countries. There was a reason for creating IFAD at that time. The need arose because developing countries need additional resources to finance their, to finance their projects and programmes. IFAD was created to mobilise. This is one important factor I would like you to record. IFAD was created to mobilise additional resources for projects and programmes in the developing countries and I think this is the main purpose for creation of IFAD. But of course the detail of what it will do is very clear in our lending policies and criteria. And we hope we will succeed."

    According to Reuter, U.S. sources say IFAD's Vice President and Chief Executive will be Mr. Philip Birnbaum, an assistant administrator of the U.S. Agency for International Development (AID). The creation of the 91-nation IFAD was one of the major recommendations of the World Food Conference held in Rome in 1974. It is a tripartite organisation with Western, oil producing and developing nations holding similar voting rights, giving oil producing countries a pivotal and decisive role. The biggest donor to IFAD is the United States with 200 million dollars followed by Iran with 124 million dollars. On Wednesday (14 December) 23 developing nations joined the original 91 nations.

    Initials BB/0040

    Script is copyright Reuters Limited. All rights reserved

    Background: The world's newest international aid agency is planning to spend one billion dollars in two years. Called the International Fund for Agricultural Development (IFAD), it has been holding its inaugural session in Rome, and it was there that it announced that the money would be lent to the poorest developing countries to help them increase their food production. IFAD is a unique example of collaboration between the West and oil producing countries. And speaking on Friday (16 December) its first president, Abdel Muhsin Sudeary of Sadudi Arabia, outlined the agency's role.

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