CFC Engages with Chair of the Group of 77 to Advance Development Priorities
New York, 22 April 2026 — Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC), met with H.E. Ms. Laura Dupuy Lasserre, Chair of the Group of 77 (G77) and Ambassador/Permanent Representative of Uruguay to the United Nations, on the margins of the Financing for Development Forum in New York.
The discussion underscored a simple but powerful truth: the CFC is a direct outcome—indeed, a “baby”—of the G77 movement, born from the collective push of developing countries to address commodity dependence and price volatility dating back to United Nations Conference on Trade and Development deliberations in the 1960s.
At a time when poverty is re-emerging and smallholders are struggling to make ends meet, both sides emphasized that it is time for the G77 to reclaim and fully leverage the CFC as its own instrument. With over three billion people dependent on commodities, institutions like the CFC remain uniquely positioned to deliver practical financing that boosts productivity, strengthens value chains, and raises incomes for smallholders and agri-SMEs.
Ambassador Belal stressed that development finance must reach those at the very base of the value chain: “Only by empowering smallholders and commodity-dependent SMEs can we close widening inequality gaps and build real economic resilience.”
Ambassador Dupuy Lasserre reaffirmed the political importance of commodities in the global development agenda and the central role of the CFC:
“Commodities remain at the heart of development challenges for our countries. The Common Fund for Commodities is a vital instrument of the G77, and we stand ready to fully support and strengthen its role in advancing inclusive and sustainable development.”
Both sides agreed that re-centering commodities in development finance debates—and scaling up support through the CFC—will be essential to addressing structural vulnerabilities and ensuring a more equitable global economic system.
For media inquiries, please contact:
[CFC Media Relations Team]
[Email: managing.director@common-fund.org]
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