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Objectives and projects
The objective of the fund is to mobilize additional resources to be made available on concessional terms to help developing countries improve their food production and nutrition. The fund is unique in that its projects are focused exclusively on agricultural development, concentrating on the poorest sections of the rural populations in developing countries. It deals with all aspects of agriculture, including crops, irrigation, agricultural credit, storage, livestock, and fisheries. The UN Social Summit in Copenhagen agreed in 1995 that each member country would devise a program to halve the incidence of "dollar poverty" between 1995 and 2015. In 1996 OECD agreed to set their country-specific aid into the context of these national programs. Rural areas of developing countries contain over 75% of the world's dollar-poor. Therefore, policies for the reduction of rural poverty must make a large contribution if the poverty reduction target is to be achieved. IFAD is a new kind of institution in the UN system. The governing bodies that supervise its operations reflect an innovative formula that brings together the interests of industrialized countries. As an action-oriented organization, the fund normally works by consensus rather than by voting. Originally there were 1,800 votes, distributed equally among each of the three categories (600). Under a new system, of the 1,800 votes, 790 are membership votes divided equally among all members. After subtracting the membership votes from the original 1,800 votes, the remaining 1,010 contribution votes are distributed among members in accordance with their paid share of cumulative convertible currency contributions. The 790 membership votes are redistributed each time a new member joins IFAD. The three main organs are the Governing Council, the Executive Board, and the secretariat, headed by a president. In 2002, IFAD's professional staff numbered 134 and general service staff numbered 181.
The first project loans were approved by IFAD's Executive Board in April 1978. At the end of the three-year period, 1978–80, the fund's cumulative commitments amounted to nearly us$900 million in loans and grants for some 70 of its developing member states. For the period 1981–83, IFAD expanded its operational program. By 1983, IFAD's total financial commitments since April 1978 exceeded us$ 1.4 billion for projects and programs in some 80 member countries in Africa, Near East and North Africa, Asia, and Latin America and the Caribbean. By mid-1987, IFAD had extended loans totaling us$ 2.3 billion to 89 developing countries to finance 204 projects. From 1978 to 2002, IFAD financed 617 projects in 115 countries, committing us$ 7.7 billion in loans and us$ 31.9 billion in grants. These assisted 47 million rural poor households, equivalent to 257 million people. Loans were extended to lower income countries at highly concessional terms, repayable over 40 years, including a grace period of ten years and a 0.75% service charge per annum. The first replenishment of IFAD resources was unanimously approved by the fund's Governing Council in January 1982. Member countries offered to provide contributions totaling us$ 1 billion for the period 1981–83, including us$ 620 million from List A (developed) countries, us$ 450 million from List B (oil exporting developing) countries, and us$ 32 million from List C (other developing) countries. In 1986, the Governing Council agreed on a second replenishment of IFAD's resources totaling us$ 488 million, of which List A countries pledged us$ 276 million; List B countries, us$ 184 million; and List C countries, us$ 28 million. In 1990, the Governing Council agreed on a third replenishment. Member countries offered to provide contributions totaling us$ 567 million of which List A countries pledged us$ 378 million; List B countries, us$ 124 million, and List C countries, us$ 65 million. A fourth replenishment, totaling us$ 470 million, began in February 1997. Of this, us$ 419 million was pledged as of 9 December 1999. A fifth replenishment, totaling us$ 473 million, covered the period 2001–03. Over the IFAD V period, donor contributions covered 46% of IFAD's total resource needs, and the rest were met through reflows from past loans (49%) and investment income (5%). A seventh replenishment was being prepared in 2005.
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