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Washington, D.C., April 21, 2012
—IFC, a member of the World Bank Group, and the Netherlands today signed an agreement, formalizing a €100 million contribution by the government to the Private Sector Window of the Global Agriculture and Food Security Program, to strengthen investment in food security in emerging market countries.
GAFSP is a multilateral mechanism that assists in implementing pledges made by the global community to support investments in agriculture and food security. The contribution by the Netherlands, together with the commitments made earlier by the U.S. and Canada, will enable the GAFSP Private Sector Window to reach total funding of approximately $200 million, the critical mass necessary to leverage IFC’s expertise and global reach to fulfill the program’s mission.
The agreement was signed by Lars Thunell, IFC Executive Vice President and CEO, and Ben Knapen, Minister for European Affairs and International Cooperation, government of the Netherlands. Also present were representatives from the U.S. and Canada.
“The Netherlands is committed to enhancing food security in poor countries. We are delighted to be associated with GAFSP and to work with IFC and donor partners to support private sector initiatives that improve sustainable food production and help small farmers,” said Minister Knapen.
Thunell said, “We are grateful for the strong support by the Netherlands for food-security investments in countries with the greatest need and those most affected by price volatility and the effects of climate change. With this generous contribution, IFC can strengthen our inclusive approach to tackling the enormous challenges of food security.”
About Global Agriculture and Food Security Program (GAFSP)
GAFSP is a multilateral mechanism to assist in the implementation of pledges made by the global community to support country-led investment plans in agriculture and food security. Following commitments by G-8 leaders at the L’Aquila Summit in July 2009, and reaffirmed by the G-20 Summit in Pittsburgh in September 2009, GAFSP was established in April 2010. The program is composed of two windows—the Public Sector Window (administered by the World Bank) and the Private Sector Window (managed by IFC). The Private Sector Window of GAFSP supports private initiatives to improve governance, productivity, and competitiveness in the agribusiness sector in low-income countries. For more information, visit
http://www.gafspfund.org/gafsp
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About the Netherlands
The Netherlands is currently the second-largest donor partner to IFC’s Advisory Services program with over $176 million in commitments between FY04-FY11. For almost ten years the Netherlands and IFC have successfully collaborated within the Netherlands-IFC Partnership Program (NIPP). The objective of NIPP is to contribute to pro-poor and sustainable economic development by enabling and strengthening private sector entities in IDA countries. NIPP focuses on four priorities (food security, fragile situations, water and sexual/reproductive health) and three cross-cutting issues (environment, gender, and good governance).
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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