Pakistan and International Fund for Agricultural Development have signed an agreement under which the country office of the IFAD will be established in Islamabad, reported 24NewsHD TV channel.
Foreign Minister Bilawal Bhutto Zardari and IFAD President Alvaro Lario signed tje “Host Country Agreement” on Tuesday.
In a press release issued in Islamabad on Wednesday, Foreign Office spokesperson said: “The agreement will formalize the already existing substantial cooperation between Pakistan and IFAD. IFAD’s current portfolio across Pakistan totals US$ 673 million, which is the second highest IFAD undertaking in the world.”
There are five ongoing IFAD projects in Pakistan in Balochistan, Gilgit-Baltistan, Khyber Pakhtunkhwa and South Punjab, with a sixth project forthcoming in Sindh.
IFAD projects are related to the areas of nutrition, women empowerment, climate change and youth engagement.
IFAD is an important partner for Pakistan in its efforts towards ensuring national food security, climate resilience and rural poverty reduction, it was further added.