CFC discusses how ACT Fund can increase investment in LDCs with UN-OHRLLS
ACT Fund can help to meet the increasing demand for investment in least developed countries (LDCs), landlocked developing countries (LLDCs) and small island developing states (SIDS).
CFC Managing Director Amb. Mohammed Belal recently highlighted the fund’s potential at a meeting with Under Secretary General (USG) Amb. Rabab Fatima, the UN High Representative for LDCs, LLDCs and SIDS (UN-OHRLLS).
Amb. Belal also discussed how the Agricultural Commodity Transformation (ACT) Fund can help deliver on the Doha Programme of Action (DPoA), which was established at the Fifth UN Conference for Least Developed Countries (LDC5) where we presented ACT. DPoA’s six key focus areas encompass commodities, which makes the fund’s contribution crucial.
Since many LDCs are commodity dependent, accelerating support for diversification and the embrace of innovation and technology is essential. To unlock economic opportunities for smallholder farmers and small and medium enterprises (SMEs) in LDCs, it is also critical the specific challenges they face are addressed.
Echoing the UN Secretary-General António Guterres’ call for an additional $500bn SDG stimulus per year, Amb. Belal said the accumulation of recent economic and environmental shocks has increased the need for financing among the most vulnerable groups. This is reflected in the higher demand for CFC investments, which can now also be channeled through our ACT Fund.
To ensure we can meet this demand, partnerships with institutions such as UN-OHRLLS are essential to expand our reach and drive local impact, especially in LDCs, LLDCs, and SIDS.
The meeting was also an opportunity to present a joint study we undertook with the United Nations Conference on Trade and Development (UNCTAD): Harnessing the potential of nutraceutical products in landlocked developing countries.
The study analyses and assesses the comparative advantages and constraints in the nutraceuticals sector in six LLDCs. It suggests key action points intended to help smallholders in these countries benefit from the export diversification nutraceutical products can support. We look forward to working with UN-OHRLLS to make the most of these opportunities.