International Fund for Agricultural Development (IFAD), a specialised agency of the United Nations, has signed an agreement with the Government of Turkey to open a new sub-regional office in Istanbul.

The new office will serve as an operational hub for the Eastern Europe, Caucasus, Central Asia and Balkan region, said a statement from IFAD.

The agreement was signed by Donal Brown, IFAD’s associate vice president, programme management division; and Akif Özkaldi, deputy minister of agriculture and forestry of Turkey in Ankara.

Brown said the agreement marks a key milestone in the long-standing collaboration between the Turkey and its organisation.

“We are proud of over 35 years of fruitful cooperation and strategic partnership, during which we and Turkey have financed 11 projects totalling about $775 million reaching over 7.5 million rural people,” he stated.

“IFAD-funded interventions, which are closely aligned to the country’s agriculture and rural development strategies, have helped to develop the agriculture sector and the rural economy resulting in improved living conditions and increased incomes and employment opportunities for smallholder farmers and the rural communities mainly in the upland areas of Turkey,” he added.

The focus of IFAD-supported projects in Turkey has been on increasing agricultural productivity, profitability and marketability, as well as promoting sustainable natural resources management by providing rural communities with affordable access to assets and services.

Khalida Bouzar, IFAD's regional director for the Near East, North Africa, Central Asia and Europe Division, said: "The sub-regional hub in Istanbul will strengthen our portfolio across the sub-region and enhance our fruitful partnerships with Governments in Azerbaijan, Bosnia-Herzegovina, Georgia, Kyrgyzstan, Lebanon, Moldova, Tajikistan, Turkey and Uzbekistan."

“Istanbul is a strategic choice. Building on our successful partnership with Turkey and Istanbul's importance as an economic centre, it will allow us to serve IFAD's portfolio in the sub-region in a more cost-effective way and to create a South-South corridor for sharing valuable experiences,” said Bouzar.

The Istanbul hub manages an investment portfolio of 21 ongoing projects amounting to $1 billion, reaching an estimated 13.9 million rural people, it stated.-TradeArabia News Service