Beyond the World news headlines
Small farm financing looks secure despite Wall St meltdown
UNITED NATIONS – Small farmers feed nearly 2 billion people globally and the rise in commodity prices has put a crimp in their ability to do business as well as feed themselves.
The global credit crunch has taken its toll on banks and investors and caused a redesign of the U.S. financial system. With the easy debt financing on Wall Street gone and donor countries fighting for their own economic health, financing the development of small farmers might seem to be in jeopardy. But the UN’s International Fund for Agricultural Development says it has funding in place through 2009 and is hopeful for its next round of money raising.
The following interview is with IFAD vice president Kanayo Nwanze, who spoke to Reuters on the sidelines of a U.N. High Level Meeting on Africa’s development needs.