The International Fund for Agricultural Development (IFAD) invested $3.3 billion into new projects as its three-year funding cycle ended in 2024, according to its annual report. The money goes to small-scale farmers and rural business owners who have a hard time getting loans from banks and need help building profitable operations.
IFAD’s reach has grown considerably over the past year. Projects backed by the fund reached 95.6 million people by the end of 2023, compared to 85.7 million in 2022. The work has also created almost 200,000 new jobs in rural areas where people often have few ways to make a living.
Climate change has pushed IFAD to focus more on helping farmers deal with unpredictable weather, shifting prices, and trouble reaching markets and technology. The organization put $802 million toward climate finance in 2024, with nearly 90% going to help communities adapt to changing conditions.
“As IFAD enters its next project cycle in 2025, we are laser focused on impact and ready to meet this global moment,” said President Alvaro Lario, who believes that “thriving agriculture is the key to solving so many of our problems.”
IFAD has been moving its staff closer to the farmers they work with – they now have 51 field offices in 49 countries and have doubled their field-based workforce to 42% in just five years. After nearly 50 years of working in rural areas, Lario said they “already understand the solutions” but are working to scale up their programs to help even more communities around the world.
