ROME, September 30, 2022 /PRNewswire/ — Development Finance Leader Alvaro Lario take the helm of the UN’s The International Fund for Agricultural Development on Saturday with an urgent mission to fight poverty and hunger among the world’s rural poor as they face the existential threats of climate change and food insecurity.
Lario, a Spanish national who has served as IFAD’s Chief Financial Officer since 2018, has led efforts to leverage private sector investment to increase the resilience of millions of smallholder farmers and rural communities who are among the hardest hit by global shocks .
“Our mission has never been more urgent as food insecurity, climate change and conflict threaten the lives and livelihoods of the world’s rural poor,” he said. “But our power to shape the future has never been greater, if we pool the commitment and resources to make lasting change.”
Lario remains committed to IFAD’s goal of doubling its impact on poor rural communities by 2030. This will be done in part by advancing climate change adaptation as a priority for the Fund.
Poor smallholder farmers produce a third of the world’s food, but receive less than two percent of climate finance and are the least able to adapt to changing circumstances such as drought, extreme weather and crop failure.
FIDA, a I a specialized agency that is also an international financial institution, has invested more than 23 billion dollars since its beginnings in 1978 in low-interest loans and grants, reaching more than half a million people through projects that increase food security and food production, improve nutrition and build resilience in the poorest rural communities and marginalized from the world.
In 2020, under Lario’s leadership, IFAD became the first I funds to receive a public credit rating. This A++ rating, through the Fitch agency, has allowed IFAD to guarantee private sector investment, with two initial private placement bonds in 2022 for a total of 150 million US dollarsand more to come.
Lario will serve a four-year term from 1St October He holds a doctorate in financial economics from the Complutense University of his native country Spainand a master’s degree in finance from Princeton University. Prior to the Fund, he worked for over six years at the International Finance Corporation of the World Bank group, as well as in various roles in the private sector asset management industry and academia.
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SOURCE International Fund for Agricultural Development