IFAD, Vietnam and Green Climate Fund Back $102 Million Coffee Initiative

IFAD, Vietnam and Green Climate Fund Back $102 Million Coffee Initiative

Briefly

"The Vietnamese government, the International Fund for Agricultural Development (IFAD) and the have combined for a $102.4 million investment designed to protect forests and boost rural incomes in Vietnam's coffee lands. The initiative, known as RECAF, involves blended financing, including a $32.4 million IFAD loan, a $35 million GCF grant and $35 million in domestic co-financing, according to IFAD, an agency of the United Nations dedicated to eradicating rural poverty."

"IFAD said the project will be implemented by Vietnam's Ministry of Agriculture and Environment with provincial authorities in Dak Lak, Gia Lai, Lam Dong and Khanh Hoa. The participating agencies said that over the next six years, the initiative is designed to reduce some 6.68 million metric tons of greenhouse gas emissions, improve 145,000 existing hectares of agroforestry land and protect approximately 500,000 hectares of "high-value" natural forest."

""RECAF reflects Vietnam's leadership in linking climate action with rural development," Frew Behabtu, IFAD country director for Vietnam, said in an IFAD announcement. "IFAD is proud to support this project, which places farmers and forest communities at the center of solutions that build resilience, protect natural resources and create sustainable economic opportunities." Vietnam remains the world's largest producer of robusta, accounting for more than 40% of global robusta output."