Chapter 35

IFAD

 

35.1 The International Fund for Agricultural Development (IFAD) was set up in 1977 on the recommendation of the World Food Conference, which supported the setting up of an institution to finance agricultural development projects primarily for the expansion of food production in developing countries. The recommendation was endorsed by the United Nations General Assembly and the fund has been set up as the 13th Specialised Agency of the United Nations. IFAD present membership is 145 countries, classified in three categories-OECD group (Category I) OPEC Group (Category II), and Non-Oil developing countries (Category III).

35.2 Upto 31.3..99, IFAD has extended to India loans for total value of USD 345.56 Million. The projects assisted by IFAD are as under:

(Figs. in US$ Million)

a) Bhima Command Area Development Project

50.00

b) Rajasthan Command Area Development Project

55.00

c) Sunderban Development Project

17.50

d) M.P.Medium Irrigation Project

25.01

e) 2nd U.P.Public Tubewells project

35.30

f) Orissa Tribal Development Project

12.20

g) Tamil Nadu Women’s Development Project

17.00

h) A.P.Tribal Development Project

20.00

i) A.P. Participatory Tribal Development

26.71

j) Maharashtra Rural Credit Project

29.44

k) Mewat Area Development Project

15.00

l) Rural Women’s Development & Empowerment Project

19.50

m) North Eastern Region Community Resources Management Project

22.90

Total

345.56

35.3 IFAD loans are repayable over a period of 40 years including a grace period of 10 years and carry no interest charges. However, a service charge at the rate of three fourths of one percent (0.75%) per annum is levied on loan amount withdrawn and outstanding.

35.4 Brief terms and conditions of loan, utilisation and debt servicing payments thereof are given in Annexure-I.