Document ID: chunk:federal_register_of_legislation:C2004A01728:section:6:p2
Version: federal_register_of_legislation:C2004A01728
Segment Type: section
Provision Reference: s 6 (pt 2/24)
Character Range: 4335–7376

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 co‑ordinated 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 Fund's 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 Fund's 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
(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