Federation Council ratifies deal for Russia to join IFAD
MOSCOW. Oct 29 (Interfax) - The Federation Council on Wednesday approved ratification of an agreement for Russia to join the International Fund for Agricultural Development (IFAD).
IFAD is one of the largest international institutes and it participates in funding projects aimed at fighting poverty among rural populations, an explanatory note to the document says. IFAD aims to mobilize funds to help emerging economy members to develop agriculture, which should lead to increase agricultural production. IFAD has 172 member countries.
IFAD also provides technical support to countries in carrying out economic feasibility studies of projects, training personnel and introducing project monitoring systems.
Joining IFAD requires federal budget spending to meet regular contributions.
"In the context of Russia's accession a government decision was made to allocate $6 million - $3 million per year in 2014-2015. This will enable us to join the fund as a full donor and participate in the decision making process for key issues," Deputy Finance Minister Yuri Zubarev said at a meeting discussing the issue in the State Duma.
Russia applied to join the fund on November 1 2013 and the application was confirmed at the fund's managing council on February 19 2014.