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UN agency announces US$7 million for 5,200 rural farmers

Jul 26, 2008 News

A US$6.93 million United Nations International Fund for Agricultural Development (IFAD)-supported project will help increase incomes and market opportunities for 5,200 poor rural households in Guyana.
The new project will help small producers diversify agricultural production and sell their produce at national and international markets. 
The US$6.93 million Rural Enterprise and Agricultural Development project will be supported by IFAD with a US$2.8 million loan, provided on highly concessional terms and a non-reimbursable grant of the same amount.
The government will contribute US$850,000 and the project participants themselves will provide an additional US$320,000, IFAD said in a statement on Thursday.
The agreement was signed Thursday at IFAD headquarters by the Ambassador of Guyana in Brussels, Patrick Ignatius Gomes, and the President of IFAD, Lennart Båge.
As Guyana’s ability to compete in the international markets with its traditional national crops declines, like sugar and rice, the project will help small farmers find alternative sources of income in non-traditional agricultural products such as root crops, vegetables, tropical fruits and spices, and livestock products.
Some 5,200 poor rural households from Regions Two, Three, Four, Five, Six and Ten will benefit from better access to financial and other capital services, as well as from training in the areas of enterprise development, marketing, organizational and social development.
With this project, IFAD will have financed three rural development and poverty eradication projects in Guyana for a total commitment of US$ 22.2 million.
IFAD was created 30 years ago to tackle rural poverty, a key consequence of the droughts and famines of the early 1970s. Today, IFAD supports more than 200 programmes and projects in 81 developing countries and one territory.

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