Parliament supports decision on Ukraine's accession to the International Fund for Agricultural Development

The Verkhovna Rada of Ukraine has ratified the decision on Ukraine's accession to the Agreement Establishing the International Fund for Agricultural Development. The decision was drafted by the Ministry of Agrarian Policy and Food of Ukraine.

Ukraine's accession to the International Fund for Agricultural Development will facilitate access to new financial resources for agricultural development for agricultural producers. In particular, it will provide Ukrainian farmers with:

• the possibility for Ukrainian agricultural producers to receive low-cost financial resources, including low-interest loans or grants allocated by the Fund for research and implementation of innovative technologies to support agricultural development;
• access to the Fund's database and use of its latest international intellectual and technical developments in the field of agriculture;
• better opportunities for Ukrainian agricultural producers to participate in the Fund's tenders for the purchase of goods and services for the implementation of programmes;
• strengthening international image of Ukraine as one of the largest producers and exporters of agricultural products on the world market and an active participant in global efforts to fight hunger, as well as enhancing political dialogue and support from the Fund at international political forums.

Taras Vysotskyi, Acting Minister of Agrarian Policy and Food of Ukraine, noted that Ukraine's accession to the International Fund for Agricultural Development (IFAD) would have a positive impact on the work of Ukrainian farmers, in particular, by expanding their access to affordable financial resources.

"In the process of restoring and developing the Ukrainian agricultural sector in the context of a full-scale war, joining the International Fund for Agricultural Development will provide agricultural producers with low-interest loans or grants for research and implementation of innovative technologies to support agricultural development," said Taras Vysotskyi.

The acting Minister also stressed that joining the Agreement would help expand Ukraine's international cooperation in the agri-food sector, attract additional financial resources for agricultural development, enhance the use of the latest technologies in agricultural production, and improve food security.

Background Information

The International Fund for Agricultural Development (IFAD) is a specialised UN agency that aims to mobilise additional resources on concessional terms for agricultural development in its member countries. The Fund provides financing for projects and programmes designed to introduce, expand and improve food production systems, increase food production and improve living and nutritional conditions in countries in need. The Fund's members include 177 countries.

IC UAC according to the MAPFU