CaribWorldNews, UNITED NATIONS, NY, Mon. April 26, 2010: U.N. agency, the International Fund for Agricultural Development, has joined other agencies in approving a debt-relief package for disaster-stricken Haiti.
Kanayo Nwanze, President of the International Fund for Agricultural Development, said the net present value of Haiti`s debt to IFAD is US$50.7 million.
`The agreement provides the basis for permanent debt forgiveness of Haiti`s debt burden to our organization,` said Nwanze. Under the agreement, IFAD will contribute up to 30 per cent of the debt relief requirement, with member states needing to contribute the remaining 70 per cent.
IFAD is an international financial institution and a specialized UN agency dedicated to eradicating poverty and hunger in rural areas of developing countries.
The UN said more than US$5 billion was pledged for the next 18 months by donor agencies and nations to Haiti, well above the US$3.9 billion sought for that period.