UN-OHRLLS appreciates the role of CFC in alleviating poverty
The Under Secretary General (USG) and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS), Ambassador Rabab Fatima, stated this when she welcomed Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC), in her office at the United Nations Headquarters on 6 September 2022. Ambassador Rabab Fatima also acknowledged with thanks the contributions of CFC towards both the Vienna Programme of Action (VPoA) and the upcoming Doha Programme of Action (DPoA).
Ambassador Belal congratulated Ambassador Fatima on her assumption of this high office at this challenging time. Ambassador Belal highlighted the challenges of commodity dependence globally and sought her support for necessary policy and financial support to ease the trap of commodity dependence.
Ambassador Belal briefed USG on initiatives like the Commodity Impact Investment Facility (CIIF), Development Impact Bond (DIBs) etc. to bring more impact along the commodity value chains of a range of commodities. The Managing Director of CFC sought the help of UN-OHRLLS for successful launching the CIIF so that more resources could be made available not only to ease commodity dependence, but also to facilitate technological transformation to connect producers and consumers using science and technology. In order to overcome the problem of poverty among the smallholders, the role of SMEs (small and medium enterprises) is crucial and as such more attention should be devoted to make finance available to serve the so called “missing middle”.
Ambassador Rabab Fatima shared insights on the preparations for the Fifth United Nations Summit for the Least Developed Countries (LDC5) in Doha from 5 to 9 March 2023. LDC5 will bring together world leaders, members of civil society, the private sector, young people and more to build new plans and partnerships for the delivery of the DPoA over the following decade. Ambassador Belal assured USG of CFC’s total commitment to make LDC5 a success and shared how CFC is making commitment towards implementation of DPoA. Ambassador Fatima also suggested CFC to contribute deeply towards the upcoming LLDC summit 2024 and Ambassador Belal reassured USG of CFC’s total commitment to make LLDC 2024 a success.
Given the importance of commodities in the life and livings of millions of smallholders in the developing world and also for the SMEs, CFC urged UN-OHRLLS to encourage others to contribute more resources for implementation of innovative programmes like CIIF. Ambassador Fatima assured to support CIIF once it is launched.
The meeting concluded with mutual resolve to remain engaged towards easing commodity dependence globally.