Iraq appreciates the impact journey of CFC
22 August 2024, Amsterdam: Dr. Ali AL-Hadi, Head of the Iraqi Mission, Embassy of the Republic of Iraq in The Hague, accompanied by Mr. Yassine Al-Mashhadani, Counsellor, visited the CFC headquarters to have a meeting with Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC).
After exchange of pleasantries, Ambassador Belal provided Dr. AL-Hadi with an overview of the current and potential future initiatives of the CFC. In light of the present global challenges, Ambassador Belal emphasized the importance of fostering stronger working relationships and partnerships with countries moving forward. He also underscored the significance of capacity-building initiatives beyond the conventional scope of the CFC's projects, drawing lessons from the Covid-19 pandemic. Ambassador Belal highlighted the growing demand for CFC investments, which is outpacing the available financing resources. He emphasized the need for greater support of the member states to meet the heightened demand.
Furthermore, Ambassador Belal discussed the introduction of the Agricultural Commodity Transformation (ACT) Fund at the LDC5 Conference in Doha. He shared the CFC's roadmap for poverty alleviation in the Least Developed Countries (LDCs), Land Locked Developed Countries (LLDCs), and beyond. Member countries were encouraged to join the ACT Fund as anchor investors and promote it to the private sector. Ambassador Belal also provided an overview on the Consultative Committee of the CFC, its mandate and works, as well as its nomination procedures.
Dr. AL-Hadi emphasized Iraq’s significant agricultural potential during the discussion and highlighted the opportunity for continued collaborations with the CFC. He expressed the desire for increased CFC investment in Iraq to support smallholders, enabling them to raise their incomes and alleviate poverty.
Ambassador Belal expressed CFC’s readiness to resume recovery work in Iraq as people of Iraq truly deserves and encouraged Dr. AL-Hadi to disseminate relevant information on the CFC’s call for proposals so that qualified SMEs/enterprises, both within and outside of Iraq, could submit high-quality projects for consideration by the CFC's Executive Board.
The meeting concluded with mutual assurances of support and a commitment to follow up on necessary actions in the coming days.