Venezuela wishes to see CFC’s investments continued
14 May 2024, Amsterdam. H.E. Dr. Hector A. Constant Rosales, the newly joined Ambassador, Permanent Representative of the Bolivarian Republic of Venezuela to the OPCW, ICC, and other International Organizations and Courts in the Netherlands paid a courtesy visit to the Secretariat of the Common Fund for Commodities (CFC).
While welcoming Ambassador Rosales to the CFC Secretariat, Ambassador Belal provided Ambassador Rosales with an overview of the current and potential future initiatives of the CFC. In light of the challenges posed by the COVID-19 pandemic, 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 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, previously known as CIIF, 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 Rosales emphasized Venezuela's significant agricultural potential during the discussion and highlighted the opportunity for substantial growth. He expressed the desire for increased CFC investment in Venezuela to support smallholders, enabling them to raise their incomes and alleviate poverty. Ambassador Rosales appreciated the CFC's efforts in addressing the challenges faced by smallholders and SMEs (small and medium enterprises), acknowledging its role in mainstreaming their concerns.
As a veteran of development discourse and a professional diplomat with vast experience in the United Nations ecosystem, Ambassador Rosales appreciated the CFC’s devotion to bring more income for the farmers and thereby addressing the problem of global poverty.
Regarding the ongoing call for proposals by the CFC, Ambassador Belal encouraged Ambassador Rosales to disseminate relevant information so that qualified SMEs/enterprises, both within and outside Venezuela, could submit high-quality projects for consideration by the CFC's Executive Board.
The dialogue between the two Ambassadors laid the groundwork for potential future collaboration. Ambassador Rosales shared insightful proposals on how Venezuela and the CFC could deepen their partnership, enhancing their collective efforts towards sustainable development. The meeting concluded with mutual assurances of support and a commitment to follow up on necessary actions in the coming days.