Rome, March 27, 2018: The International Fund for Agricultural Development (IFAD) and Myanmar signed a financing agreement today to improve incomes for 62,400 poor rural households who depend on smallholder agriculture, agroforestry, or rural wage labour in the eastern states of Kayin and Shan.
The agreement for the Eastern States Agribusiness Project was signed by Gilbert F. Houngbo, President of IFAD, and Myint Naung, Ambassador of the Union of Myanmar to Italy.
The total cost of the project is US$65.2 million including a $56.7 million loan and $1.5 million grant from IFAD. The remaining funds will come from the Government of Myanmar, the private sector, and the beneficiaries themselves.
The project aims to assist poor farmers to improve their production and links to agribusinesses, while helping agroforestry households diversify their income and access new markets. All project investments will be environmentally sustainable.
“The project will develop an inclusive, sustainable and scalable model for smallholder agriculture and community agroforestry in the eastern states,” said Omer Zafar, IFAD’s Country Programme Manager for Myanmar.
“It will invest in land development and irrigation, and will provide access to information, technology and financial services. The project will also ensure that employment opportunities facilitate the economic integration of landless households, returning migrants, and displaced people,” he added.
Since 2014, IFAD has invested $77.7 million in two projects in Myanmar, with a total cost of $93.0 million including cofinancing, expected to reach over 100,000 households.
Corporate Comm India(CCI Newswire)
