Uzbekistan, Tashkent, Apr. 9 / Trend D.Azizov /
Uzbek President Islam Karimov signed a resolution on Uzbekistan's accession to the International Fund for Agricultural Development (IFAD).
The IFAD, a specialized U.N. agency, was established as an international financial institution in 1977 as a major outcome of the 1974 World Food Conference.
The IFAD brings together about 140 countries as a multilateral financial institution assisting households in rural areas to increase production and income.
The IFAD provides funding in the form of loans and grants, and attracts additional resources for projects and programs. The loan terms vary depending on the GDP per capita of a specific country. The IFAD works with many agencies, including the World Bank and other regional financial institutions.
The IFAD is funded by voluntary donations from governments, special contributions, income from loan repayments and investment income.
The IFAD governing body is the Board of Governors, which meets annually and consists of all the member states.
Since its establishment, the IFAD has provided over $10 billion in loans and grants to finance more than 700 programs and projects to help 350 million poor villagers around the world.
The Uzbek ambassador in Italy will represent Uzbekistan in the IFAD. The deputy agriculture and water resources minister will represent the country in the IFAD Board of Governors.
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