IFAD and Republic of Korea sign new agreement to help poor rural communities around the world prosper

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IFAD and Republic of Korea sign new agreement to help poor rural communities around the world prosper

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Seoul, 13 May 2019 - The International Fund for Agricultural Development (IFAD) and the Korea Rural Economic Institute (KREI) signed an agreement today to strengthen their collaborative efforts to end hunger and poverty in developing countries around the world.

The Memorandum of Understanding was signed by IFAD President Gilbert F. Houngbo and KREI President Kim Chang-gil.

“Success in meeting the first and second Sustainable Development Goals which focus on ending poverty and hunger will depend on effective partnerships between donors, governments, financing institutions, private sector companies, farmers’ organizations and policymakers,” Houngbo said. “This MOU reflects our commitment to draw lessons from Korea’s remarkable success in rural transformation and to ensure that others benefit from that experience.”

The Republic of Korea and IFAD share a similar approach to achieving global food security – from providing support to smallholder farmers so they can access knowledge, technology, credit and markets, to helping rural communities mitigate and adapt to the effects of climate change. They also work together to enhance the effectiveness of development aid. KREI is  a national policy research institute, that leads the development of agriculture, rural areas, and the food industry as a think tank for agricultural policy.

KREI President, Kim Chang-gil said "South Korea is the only country that transformed from an aid-recipient country to a donor. We have all been making efforts to eradicate poverty of the country sides and make rural life favourable for everyone. We, KREI have tackled the whole process thus far. In addition, I expect that today's MOU will initiate a positive change to the global rural situation."

Under the partnership, KREI and IFAD will join forces to further develop agricultural value chains, climate-resilient agricultural practices and food security for smallholder farmers in developing countries, by mobilizing financial resources and contributing to the global policy dialogue.

Korea, a founding member of IFAD, is now widely considered to be a source of knowledge and innovative ideas from which developing countries can learn. It has achieved significant milestones in land reform, the development of sustainable agricultural technologies and practices, with an inclusive approach. It has also gained recognition for its work on value chains, agricultural cooperatives, the green revolution (for increased crop production), and the white revolution (for increased production of high-value horticultural products).

The MOU was signed on the side lines of the Third Global ODA Forum for Sustainable Agricultural Development hosted by the Ministry of Agriculture, Food, and Rural Affairs of Korea.

Press release No.: IFAD/19/2019

IFAD has invested in rural people for 40 years, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, we have provided US$20.9 billion in grants and low-interest loans to projects that have reached about 483 million people. IFAD is an international financial institution and a specialized United Nations agency based in Rome – the UN’s food and agriculture hub.