Agreement Establishing the International Fund for Agricultural Development (Rome, 13 June 1976)

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AGREEMENT

ESTABLISHING THE INTERNATIONAL

FUND FOR AGRICULTURAL DEVELOPMENT

Rome, 13 June 1976

Opened for signature,

in accordance with its Article 13.1(a),

on 20 December 1976, in New York.

Entered into force,

in accordance with its Article 13.3(a),

on 30 November 1977.

See the text of the document in Russian

Preamble

Article 1. Definitions

Article 2. Objective and functions

Article 3. Membership

Article 4. Resources

Article 5. Currencies

Article 6. Organization and management

Article 7. Operations

Article 8. Relations with the United Nations

and with other Organizations, Institutions and Agencies

Article 9. Withdrawal, suspension of

membership, termination of operations

Article 10. Legal status, privileges and immunities

Article 11. Interpretation and arbitration

Article 12. Amendments

Article 13. Final clauses

Schedule I.states eligible for original membership

Schedule II. Distribution of votes and election of executive

board Members

Schedule III. Distribution of Member States among categories

as at 26 January 1995

Preamble

Recognizing that the continuing food problem of the world is afflicting a large segment of the people of the developing countries and is jeopardizing the most fundamental principles and values associated with the right to life and human dignity;

Considering the need to improve the conditions of life in the developing countries and to promote socio-economic development within the context of the priorities and objectives of the developing countries, giving due regard to both economic and social benefits;

Bearing in mind the responsibility of the Food and Agriculture Organization of the United Nations within the United Nations system, to assist the efforts of developing countries to increase food and agricultural production, as well as that organizations technical competence and experience in this field;

Conscious of the goals and objectives of the International Development Strategy for the Second United Nations Development Decade and especially the need to spread the benefits of assistance to all;

Bearing in mind paragraph (f) of part 2 (“Food”) of Section 1 of General Assembly resolution 3202 (S-VI) on the Programme of Action on the Establishment of a New International Economic Order;

Bearing in mind also the need for effecting transfer of technology for food and agricultural development and Section V (“Food and Agriculture”) of General Assembly resolution 3362 (S-VII) on development and international economic cooperation, with particular reference to paragraph 6 thereof regarding the establishment of an International Fund for Agricultural Development;

Recalling paragraph 13 of General Assembly resolution 3348 (XXIX) and resolutions I and II of the World Food Conference on the objectives and strategies of food production and on the priorities for agricultural and rural development;

Recalling resolution XIII of the World Food Conference which recognized:

(i) the need for a substantial increase in investment in agriculture for increasing food and agricultural production in the developing countries;

(ii) that provision of an adequate supply and proper utilization of food are the common responsibility of all members of the international community; and

(iii) that the prospects of the world food situation call for urgent and coordinated measures by all countries;

and which resolved:

that an International Fund for Agricultural Development should be established immediately to finance agricultural development projects primarily for food production in the developing countries;

The Contracting Parties have agreed to establish the International Fund for Agricultural Development, which shall be governed by the following provisions:

Article 1. Definitions

For the purposes of this Agreement the terms set out below shall have the following meaning, unless the context otherwise requires:

(a) “Fund” shall mean the International Fund for Agricultural Development;

(b) “food production” shall mean the production of food including the development of fisheries and livestock;

(c) “State” shall mean any State, or any grouping of States eligible for membership of the Fund in accordance with Section 1(b) of Article 3;

(d) “freely convertible currency” shall mean:

(i) currency of a Member which the Fund determines, after consultation with the International Monetary Fund, is adequately convertible into the currencies of other Members for the purposes of the Funds operations; or

(ii) currency of a Member which such Member agrees, on terms satisfactory to the Fund, to exchange for the currencies of other Members for the purposes of the Funds operations.

“Currency of a Member” shall, in respect of a Member that is a grouping of States, mean the

currency of any member of such grouping;

(e) “Governor” shall mean a person whom a Member has designated as its principal representative at a session of the Governing Council;

(f) “votes cast” shall mean affirmative and negative votes.

Article 2. Objective and functions

The objective of the Fund shall be to mobilize additional resources to be made available on concessional terms for agricultural development in developing Member States. In fulfilling this objective the Fund shall provide financing primarily for projects and programmes specifically designed to introduce, expand or improve food production systems and to strengthen related policies and institutions within the framework of national priorities and strategies, taking into consideration: the need to increase food production in the poorest food deficit countries; the potential for increasing food production in other developing countries; and the importance of improving the nutritional level of the poorest populations in developing countries and the conditions of their lives.

Article 3. Membership

Section 1 - Eligibility for Membership

Section 2 - Original Members and Non-Original Members

Section 3 - Limitation of Liability

Section 1 - Eligibility for Membership

(a) Membership of the Fund shall be open to any State member of the United Nations or of any of its specialized agencies, or of the International Atomic Energy Agency.

(b) Membership shall also be open to any grouping of States whose members have delegated to it powers in fields falling within the competence of the Fund, and which is able to fulfil all the obligations of a Member of the Fund.

Section 2 - Original Members and Non-Original Members

(a) Original Members of the Fund shall be those States listed in Schedule I, which forms an integral part of this Agreement, that become parties to this Agreement in accordance with Section 1(b) of Article 13.

(b) Non-original Members of the Fund shall be those other States that, after approval of their membership by the Governing Council, become parties to this Agreement in accordance with Section 1(c) of Article 13.

Section 3 - Limitation of Liability

No Member shall be liable, by reason of its membership, for acts or obligations of the Fund.

Article 4. Resources

Section 1 - Resources of the Fund

Section 2 - Initial Contributions

Section 3 - Additional Contributions

Section 4 - Increases in Contributions

Section 5 - Conditions Governing Contributions

Section 6 - Special Contributions

Section 1 - Resources of the Fund

The resources of the Fund shall consist of:

(i) initial contributions;

(ii) additional contributions;

(iii) special contributions from non-member States and from other sources;

(iv) funds derived or to be derived from operations or otherwise accruing to the Fund.

Section 2 - Initial Contributions

(a) The amount of an initial contribution of an original and a non-original Member shall be the amount and in the currency of such contribution specified by the Member in its instrument of ratification, acceptance, approval or accession deposited by that Member pursuant to Section 1(b) and (c) of Article 13 of this Agreement.

(b) The initial contribution of each Member shall be due and payable in the forms set forth in Section 5(b) and (c) of this Article, either in a single sum or, at the option of the Member, in three equal annual instalments. The single sum or the first annual instalment shall be due on the thirtieth day after this Agreement enters into force with respect to that Member; any second and third instalments shall be due on the first and on the second anniversary of the date on which the first instalment was due.

Section 3 - Additional Contributions

In order to assure continuity in the operations of the Fund, the Governing Council shall periodically, at such intervals as it deems appropriate, review the adequacy of the resources available to the Fund; the first such review shall take place not later than three years after the Fund commences operations. If the Governing Council, as a result of such a review, deems it necessary or desirable, it may invite Members to make additional contributions to the resources of the Fund on terms and conditions consistent with Section 5 of this Article. Decisions under this Section shall be taken by a two-thirds majority of the total number of votes.

Section 4 - Increases in Contributions

The Governing Council may authorize, at any time, a Member to increase the amount of any of its contributions.

Section 5 - Conditions Governing Contributions

(a) Contributions shall be made without restriction as to use and shall be refunded to contributing Members only in accordance with Section 4 of Article 9.

(b) Contributions shall be made in freely convertible currencies.

(c) Contributions to the Fund shall be made in cash or, to the extent that any part of such contributions is not needed immediately by the Fund in its operations, such part may be paid in the form of non-negotiable, irrevocable, non-interest bearing promissory notes or obligations payable on demand. In order to finance its operations, the Fund shall draw down all contributions (regardless of the form in which they are made) as follows:

(i) contributions shall be drawn down on a pro rata basis over reasonable periods of time as determined by the Executive Board;

(ii) where a contribution is paid partly in cash, the part so paid shall be drawn down, in accordance with paragraph (i), before the rest of the contribution. Except to the extent that the part paid in cash is thus drawn down, it may be deposited or invested by the Fund to produce income to help defray its administrative and other expenditures;

(iii) all initial contributions, as well as any increases in them, shall be drawn down before any additional contributions are drawn down. The same rule shall apply to further additional contributions.

Section 6 - Special Contributions

The resources of the Fund may be increased by special contributions from non-member States or other sources on such terms and conditions, consistent with Section 5 of this Article, as shall be approved by the Governing Council on the recommendation of the Executive Board.

Article 5. Currencies

Section 1 - Use of Currencies

Section 2 - Valuation of Currencies

Section 1 - Use of Currencies

(a) Members shall not maintain or impose any restriction on the holding or use by the Fund of freely convertible currencies.

(b) The non-convertible currency contributions of a Member made to the Fund on account of that Members initial or additional contributions prior to 26 January 1995 may be used by the Fund, in consultation with the Member concerned, for the payment of administrative expenditures and other costs of the Fund in the territories of that Member, or, with the consent of that Member, for the payment of goods or services produced in its territories and required for activities financed by the Fund in other States.

Section 2 - Valuation of Currencies

(a) The unit of account of the Fund shall be the Special Drawing Right of the International Monetary Fund.

(b) For the purposes of this Agreement, the value of a currency in terms of the Special Drawing Right shall be calculated in accordance with the method of valuation applied by the International Monetary Fund, provided that:

(i) in the case of the currency of a member of the International Monetary Fund for which such value is not available on a current basis, the value shall be calculated after consultation with the International Monetary Fund;

(ii) in the case of the currency of a non-member of the International Monetary Fund, the value of the currency in terms of the Special Drawing Right shall be calculated by the Fund on the basis of an appropriate exchange rate relationship between that currency and the currency of a member of the International Monetary Fund for which a value is calculated as specified above.

Article 6. Organization and management

Section 1 - Structure of the Fund

Section 2 - The Governing Council

Section 3 - Voting in the Governing Council

Section 4 - Chairman of the Governing Council

Section 5 - Executive Board

Section 6 - Voting in the Executive Board

Section 7 - Chairman of the Executive Board

Section 8 - President and Staff

Section 9 - Seat of the Fund

Section 10 - Administrative Budget

Section 11 - Publication of Reports and Provision of Information

Section 1 - Structure of the Fund

The Fund shall have:

(a) a Governing Council;

(b) an Executive Board;

(c) a President and such staff as shall be necessary for the Fund to carry out its functions.

Section 2 - The Governing Council

(a) Each Member shall be represented on the Governing Council and shall appoint one Governor and an alternate. An alternate may vote only in the absence of his principal.

(b) All the powers of the Fund shall be vested in the Governing Council.