Ukraine to become member of International Fund for Agricultural Development

MOSCOW. Feb 16 (Interfax) - The Governing Council of the International Fund for Agricultural Development (IFAD) endorsed Ukraine as a full member of the organization at an annual session on February 15, Ukrainian media have reported citing the Ukrainian Foreign Ministry's press release on Thursday.

Ukraine will become a full IFAD member after depositing its instrument of accession with the UN secretary-general, according to the press release.

Ukraine filed an application to join IFAD with its secretariat in December 2022, and the relevant domestic procedures are currently underway, it said.

"Ukraine's membership of the Fund enables Ukrainian agricultural producers to receive affordable financial resources, helps support our country's agricultural sector and international image as a major agricultural producer and exporter on global markets and an active participant in international efforts to combat hunger. It also bolsters political dialogue and IFAD's support at international political forums," it said.

IFAD is a specialized agency within the United Nations system and a financial institution whose mandate is aimed at overcoming poverty and hunger in rural areas in developing countries. It brings together 177 member states.

IFAD primarily allocates low-interest loans or grants to its member states governments for developing and funding projects to overcome poverty in rural areas.

The loans are provided to developing countries belonging to IFAD on concessional, transitional, or regular terms to implement approved projects and programs. The loan terms vary depending on a borrowing country's GDP per capita.