LUSAKA, July 2 (Xinhua) -- Zambia is among 59 other countries that have been selected to benefit from the International Fund for Agricultural Development's (IFAD) newly established Rural Poor Stimulus Facility, a release from the country's finance ministry said on Thursday.
In a letter to Zambia's Finance Minister Bwalya Ng'andu, IFAD Regional Director for East and Southern Africa, Sara Mbago-Bhunu said Zambia was among countries to benefit from the facility to boost development in rural areas.
The official said IFAD will initially put in 40 million U.S. dollars of its own funds as seed money for the financing facility while more funds were expected to be raised from other development and cooperating partners.
IFAD's resources, she said, are intended to support the governments' interventions in responding to the COVID-19 crisis by financing targeted investments that support rural-based small-scale producers and poor households.
Some of the areas to be financed by IFAD's facility include providing inputs and basic assets to enable small-scale producers to maintain production, facilitate access to markets and delivering targeted funds through existing financial institutions. Enditem
