The United Nations' newest specialised agency, the International Fund for Agricultural Development, has marked its first meeting in Rome with low-interest loans to Tanzania and Sri Lanka of 12-million United States dollars each.
GV & CU: IFAD headquarters in Rome. (2 SHOTS)
CU: IFAD President Abdelmushin Al-Sudeary speaking in English to newsmen. (2 SHOTS)
AL-SUDEARY: "IFAD, generally speaking will not finance not more...not more than fifty percent. In Tanzania we...when we negotiated there with them...we were thinking of fifteen percent total, about. But as I told you, our rule is not to finance local (INDISTINCT) only if needed I do not hesitate. Because if our assistance could go to the local but not hundred percent, no opportunity, there is no possibility in any case for IFAD to finance hundred or even eighty percent. We will probably, in cases where it is needed, will not exceed say between fifty and sixty percent. But in certain special cases those countries might want to get the assistance which they need, so I do not see any difficulty."
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Background: The United Nations' newest specialised agency, the International Fund for Agricultural Development, has marked its first meeting in Rome with low-interest loans to Tanzania and Sri Lanka of 12-million United States dollars each. The grants will be used for food production and development projects in the two countries. Details were announced on Friday (14 April).
SYNOPSIS: The International Fund for Agricultural Development was formed four months ago, and the Fund's executive board met in Rome to decide on its first grant projects. After the meeting the President of IFAD, Abdelmushin Al-Sudeary talked with newsmen about the aims of the new organisation.