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(Bloomberg) — Another international aid and developmental assistance agency is pinning its hopes on the Middle East for funding in the wake of the US and Europe curbing their contributions.
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The International Fund for Agricultural Development on Wednesday began a three-year replenishment round, hoping to match its previous record of $1.7 billion, Alvaro Lario, the United Nations agency’s president, said in an interview. The round, which will cover funding from 2028 to 2030, will provide “clarification” as to how much money is available and how much the body will need to rely on co-financing for its projects.
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“We’re seeing a number of traditional donors perhaps shifting or changing some of the priorities,” Lario said. “We have been having a good number of discussions with development funds in the Middle East, also with a number of sovereign wealth funds.”
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Aid agencies and public financial institutions ranging from the African Development Bank to the financial markets promotion agency FSD Africa are turning to the cash-flush Middle East or the private sector to bolster their finances.
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Last year, the US closed down its aid agency and curbed development assistance, while European nations are spending more on their militaries under pressure from US President Donald Trump.
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In its previous replenishment round, when it raised $1.4 billion in grants and $300 million in concessional loans, Canada was the biggest contributor at 12% of the total, followed by the US, France and Italy. China pledged 5.5%, with less money came from the Middle East.
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Still, the agency that focuses on agriculture in poor and fragile countries, is hoping to win similar pledges.
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The replenishment “comes at a challenging time,” Lario said. “At the same time, we do feel the support from many members.”
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“We are aiming to at least have the same type of replenishment,” he added.
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The potential for winning co-financing from the Middle East for projects in Africa, which includes many of the world’s poorest countries, is good, according to Lario.
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There “is an increasing interest by many of the development funds, the Arab Coordination Group in how to invest in food systems, food security, and agriculture in Africa,” he said.
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