New network aims to help bridge multi-billion-dollar financing gap in rural areas
The establishment of a new network to help bridge the estimated US$150 billion financing gap that prevents small rural producers and businesses in developing countries from growing their operations and strengthening rural economies, was announced today.
The announcement, made by Kanayo F. Nwanze, President of the International Fund for Agricultural Development (IFAD) and Enrico Morando, Italy’s Deputy Minister of Economy and Finance, came at the end of a three-day international conference in Rome focused on finding new ways to finance rural development.
Poverty and lack of economic opportunities in rural areas result in migration to cities and beyond, contributing to global instability and food insecurity. The Smallholder Agriculture Finance and Investment Network (SAFIN) will bring together private, public and philanthropic sectors and rural farmers and enterprises to resolve rural financing challenges with coordinated action and investment.
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