The International Fund for Agricultural Development (IFAD) has pledged to transform the lives of at least 70 million small-scale farmers by 2030 under the World Bank’s new AgriConnect initiative — a global effort aimed at creating jobs, boosting agribusiness, and strengthening food security for 250 million smallholder farmers worldwide.
The announcement was made by IFAD President Alvaro Lario during the launch of the initiative at the World Bank Group’s Annual Meetings in Washington, D.C.
“IFAD investments have led to higher incomes, bigger yields, and better market access for small-scale food producers,” Lario said. “Delivering that triple impact, we will target at least 70 million people in rural and fragile areas. Together with the World Bank, other multilateral development banks, governments, and the private sector, we share a common ambition — to connect small-scale producers to markets and turn rural areas into engines of growth, jobs, and food security.”
IFAD’s pledge forms part of a broader collaboration between the World Bank, the African Development Bank, and the Inter-American Development Bank, all working to empower rural producers and make agriculture a catalyst for economic transformation.
For nearly five decades, IFAD has focused exclusively on investing in rural communities, particularly in remote and fragile regions where poverty and hunger are most acute. According to IFAD’s latest impact assessment, small-scale farmers supported by the agency between 2022 and 2024 saw their average incomes rise by 34%, production increase by 35%, and access to markets improve by 34%.
“Investing in deep rural areas can be transformational,” Lario said. “These are the places where the return on investment — in terms of food security, economic growth, and stability — is highest.”
Between 2019 and 2023, 70% of IFAD’s projects engaged with local private-sector partners to strengthen value chains and rural financial institutions. The organization has also expanded its capacity to lend directly to small and medium-sized enterprises (SMEs) and de-risk investments that benefit rural communities.
In addition, IFAD is ramping up support for green jobs, digital innovation, and youth-led agribusinesses to make agriculture more attractive to young people. Through mentorship, vocational training, and investment in youth-run agri-SMEs, IFAD aims to build a new generation of farmers who are tech-savvy, resilient, and connected to global markets.
Experts say investment in small-scale farmers is among the most effective ways to reduce poverty. Studies show that growth in agriculture is two to three times more effective in cutting poverty than growth in other sectors.
Rural communities — home to 80% of the world’s poorest people — face mounting challenges, from climate shocks to limited access to finance and technology. Yet, with demand for food expected to rise by nearly 60% by 2030, agriculture represents a massive economic opportunity — estimated at US$10 trillion globally by 2050, including US$1 trillion from Africa’s agribusiness sector alone.
In the next decade, 1.2 billion young people will enter the job market in developing countries. With agriculture already employing about 40% of the global workforce, the AgriConnect initiative aims to make food systems a major source of future employment — from input supply and logistics to processing and retail.
IFAD’s commitment, officials say, is a crucial step toward realizing that goal.
