The world's newest international aid agency to help poor countries opened its doors in Italy on Tuesday (13 December) with an inaugural meeting of its 91-nation governing council.
GV EXT Palazzo dei Congressi and IFAD sign outside (2 shots)
GV INT Delegates and officials seated
SV Chairman Jeremiah Nyagah announcing in English appointment of Mr. Al-Sudeary as president
CU Kuwaiti delegates applauding
SV President's plaque placed in front of Al-Sudeary
SV Senegalese delegates applaud as Nyagah shakes hands with Al-Sudeary (2 shots)
SV Italian ministers seated with President Giovanni Leone (second from right with glasses)
CU & SV Al-Sudeary speaking in Arabic with delegates from Australia, Iran, Nigeria, Libyan Jamahiriyah, Chile, Congo, Costa Rica, cuba, UAE and U.S.A. listening (11 Shots)
The creation of the Fund was one of the major recommendations of the World Food Conference in 1974. At its first session IFAD was to consider hundreds of low-interest loan applications which had already been received from third world countries.
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Background: The world's newest international aid agency to help poor countries opened its doors in Italy on Tuesday (13 December) with an inaugural meeting of its 91-nation governing council. It is the International Fund for Agricultural Development (IFAD), the 13th specialised agency to be created by the United Nations. IFAD is a tripar??? organisation representing the industrialised countries and developing don??? countries, mainly oil exporters, as well as recipient developing countries.
SYNOPSIS: The inaugural session held in Rome was the culmination of three years work by a preparatory commission. One of the council's first tasks was the election of a president. The appointment was announced by IFAD's chairman, Kenya's Minister of Agriculture, Mr. Jeremiah Nyagah.
The post went to the man who had been chairman of the preparatory commission, Saudi Arabia's ambassador to the Food and Agriculture Organisation (FAO) Abdelmuhsin Al-Sudeary. Representatives of many international organisations were present, and Italian President Giovanni Leone, wearing glasses, also attended.
Mr. Al-Sudeary told the council that major target groups for financial assistance by the Fund would be small farmers and landless cultivators, both in the poorest food deficit countries and in other developing countries. He said the fund would especially welcome projects that were oriented towards food production, fostered the use of appropriate technologies, and had a direct impact on the nutrition of the poorest people.
The fund already has two billion U.S. dollars, which it will spend over the next two years. The biggest donor is the United States which has given 200 million dollars, followed by Iran with 124 million dollars. Mr. Al-Sudeary said the Fund would be flexible in its lending operations. Up to one eighth of its resources would be used in the form of grants for technical assistance to developing countries, and three types of loans would be made available. In a message to the inaugural session United Nations Secretary-General Kurt Waldheim said IFAD's establishment created the possibility of striking at the heart of the problem of food availability in developing countries. Mr. Al-Sudeary said the council was ready to begin work immediately.