When is an equity investment fund more than just a money machine? When it focuses on development rather than quick riches. That's exactly what a unique IFAD project has been doing in Armenia since 2009, with investments in the country's food-processing sector designed to expand markets and improve the economic prospects of smallholder farmers. Known as the Fund for Rural Economic Development in Armenia (FREDA), the initiative combines elements of both development assistance and banking.

IFAD to support strengthening of infrastructure and rural finance Rome, 12 November 2014 – The government of the Republic of Armenia and the International