ISLAMABAD: Pakistan and International Fund for Agricultural Development (IFAD) have signed a host country agreement aims at providing the IFAD to set up its country office in Islamabad.

The agreement was signed by Foreign Minister of Pakistan Bilawal Bhutto Zardari and IFAD President Alvaro Lario, Foreign Office said in a statement on Tuesday.

Under the host country agreement, the country office of IFAD will be set up in Islamabad. The agreement will formalize the already existing substantial cooperation between Pakistan and IFAD. IFAD’s current portfolio across Pakistan totals US$ 673 m, which is the second-highest IFAD undertaking in the world.

It stated that there are five ongoing IFAD projects in Pakistan in Balochistan, Gilgit-Baltistan, Khyber-Pakhtunkhwa, and South Punjab, with a sixth project forthcoming in Sindh.

The IFAD projects are in the areas of nutrition, women empowerment, climate change and youth engagement. The IFAD is an important partner for Pakistan in its efforts towards ensuring national food security, climate resilience and rural poverty reduction.

Copyright Business Recorder, 2023