China, UN's IFAD renew fund agreement to support Global South development

ROME, Feb. 14 (Xinhua) -- China and the International Fund for Agricultural Development (IFAD) signed an agreement here on Thursday to renew the China-IFAD South-South and Triangular Cooperation (SSTC) Facility.

China will contribute an additional 10 million U.S. dollars equivalent in RMB to renew the fund, primarily supporting South-South experience and technology exchanges, knowledge sharing, and other activities in rural poverty reduction and development, according to the new agreement signed by Chinese Vice Minister of Finance Liao Min and IFAD President Alvaro Lario.

China's experience in lifting hundreds of millions out of poverty offers valuable lessons for the world, and this generous contribution demonstrates its commitment to sharing expertise with other nations, Lario said at the signing ceremony.

"This support will enable us to further accelerate progress in rural poverty reduction and empower small-scale farmers by sharing knowledge, resources, and best practices through our South-South and Triangular Cooperation facility," he said.

At a dialogue following the ceremony, Liao shared China's development experience with representatives from the participating countries.

He said China has unswervingly upheld multilateralism and will actively support IFAD in playing a greater role and contributing to the cause of global poverty reduction and development.

The attendees of the dialogue expressed appreciation for China's development experience and international contributions.

The China-IFAD SSTC Facility was established in February 2018. It is the first IFAD fund dedicated to promoting global South-South and triangular cooperation.