ASPIRE Agreement Signed!

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Kanayo F. Nwanze, President of IFAD and Hem Vanndy, Under Secretary of State, Ministry of Economy Finance, Cambodia

Rome, 5 March 2015 – Most of Cambodia’s population lives in rural areas and depends on farming to make a living, so the threat of climate change is a serious matter. The International Fund for Agricultural Development (IFAD) and the government of the Kingdom of Cambodia are financing a US$82.2 million project that will increase agricultural production and reduce the impact of climate change for poor farmers. Some 100,000 rural families are expected to benefit.

IFAD funding for the Agriculture Services Programme for Innovation, Resilience and Extension (ASPIRE), includes a highly concessional loan of $26.1 million and a grant of $15 million. The grant is funded from the Adaptation for Smallholder Agriculture Programme (ASAP), an IFAD-initiated global fund dedicated to building the resilience of poor smallholder farmers against the negative effects of climate change. The loan and grant agreement was signed today at IFAD headquarters in Rome by Kanayo F. Nwanze, President of IFAD and Hem Vanndy, Under Secretary of State, Ministry of Economy Finance, Cambodia.

Read more about this story online on IFAD website