The International Fund for Agriculture Development (IFAD) has pledged to provide assistance towards the recovery efforts among survivors of the Tropical Cyclone Freddy.
IFAD Country Representative Ms Bernadette Mukonyora made the pledge at the launch of 17 rural finance projects funded by the Financial Access for Rural Markets, Smallholders and Enterprise Programme (FARMSE).
Mukonyora said IFAD stands with the people of Malawi during this difficult moment, stressing that the real impacts of Cyclone Freddy will be felt way after the flooding has subsided.
“IFAD will do all within its capacity – within the UN family – to provide assistance towards the recovery efforts. The UN – under the leadership of the RCO is working with DoDMA on a coordinated response,” she said.
Turning to the agenda for the day, Mukonyora said her organization is financing FARMSE with an intention to support household economic development through access to financial services that are appropriate to each socio-economic level of poverty.
She said IFAD has partnered with the Government of Malawi over the past 42 years, investing close to US$730 million towards rural and agriculture development in Malawi.
“FARMSE helps graduate poor Malawians from ultra-poor to a productive pathway through household economic development and access to financial services that are appropriate to each socio-economic level of poverty. The strategies to various levels include graduation programmes and engagement of community-based financial organizations, financial co-operatives, MFIs, and commercial banks to provide services to FARMSE target groups
“Today, we are witnessing the launch of the 2nd round of service provider recruitment under FARMSE, various partners have been selected to support the implementation of the interventions – ultra poor graduation, strengthening of community based financial organizations and the implementers of the innovation & outreach facility,” she said.
The IFAD Country Representative observed that the demand for rural financial support cannot be greater with what Malawi has witnessed in the Southern Region where individuals and households will bear the brunt/cost of rebuilding their livelihoods.