The world's newest international aid agency to help poorer countries, has opened its headquarters in the Italian capital, Rome.
CU PAN FROM Sign (IFAD) on gate TO GV new headquarters.
SV The President of the Fund for Agricultural Development, Abdelmuhsin Al-Sudeary raising UN flag.
GV Building with flag in front.
SV Abdelmuhsin Al-Sudeary speaking in Arabic.
CU PAN FROM UN Flag TO headquarters building.
To date 567.5 million Dollars has been contributed by members of the Organisation for Economic Co-operation (OECD), 435.5 million by members of the Organisation of the Petroleum Exporting Countries (OPEC) and 19.3 million by poorer third world nations, who in the main will be receiving financial help from the Fund. United Nations Secretary-General Kurt Waldheim has said that IFAD, by offering loans on highly favourable terms, would reduce the reliance of poorer developing nations on those more financially and agriculturally secure.
Initials VS 18.00
Script is copyright Reuters Limited. All rights reserved
Background: The world's newest international aid agency to help poorer countries, has opened its headquarters in the Italian capital, Rome. The agency, the International Fund for Agricultural Development (IFAD), had its inaugural meeting in Rome last December, and on Tuesday (28 March) the new headquarters on the Via del Serafico were officially opened by its President, Abdelmuhsin Al-Sudeary of Saudi Arabia.
SYNOPSIS: The International Fund for Agricultural Development is the 13th specialised agency to be created by the United Nations. Its creation was one of the major recommendations of the 1974 World Food Conference.
The basic aims of IFAD are to finance agricultural development projects, primarily for food production in developing countries. The major target for financial assistance is the small farmer. In his opening speech Mr. Al-Sudeary said the fund would soon be operational.
The initial resources available to the Fund are slightly more than a billion Dollars. The biggest single donor is the United States with 200 million Dollars. Next is Iran with 124 million.