The International Fund for Agricultural Development (IFAD), the World Bank, and the Global Alliance for Improved Nutrition (GAIN) have come together at COP29 to scale up access to a tool to track financing for food systems transformation.
The Financial Flows to Food Systems (3FS) mechanism, which was launched in 2023, provides policymakers and stakeholders with comprehensive data on domestic public, private, and international development financing within food systems.
By identifying where resources are directed, it eliminates a major barrier to creating sustainable, equitable, and resilient food systems, the groups said in a statement.
‘A strong commitment’
As part of the 2024-2026 work plan of the UN Food Systems Coordination Hub, the expansion was formalised through a Letter of Intent (LoI) between IFAD, the World Bank and GAIN and marks ‘a strong commitment to enhancing transparency and accountability in food systems financing‘. It will initially be implemented in 11 countries.
Estimates of the costs of ending hunger to the global cost of transitioning to high-performing food systems vary, and range between $33 billion and $350 billion per year, prompting the groups to extend the use of the 3FS.
‘A much clearer picture’
“With the 3FS tool, we’ll have a much clearer picture of where resources are going, which helps everyone from local governments to international agencies make better investment decisions,” commented Saul Morris, director of programme services at GAIN.
Elsewhere, Donal Brown, associate vice-president, Department for Country Operations at IFAD, highlighted the importance of the partnership between IFAD, the WB and GAIN in helping additional countries close financial gaps that have stalled food systems progress.
“IFAD and partners will not only improve data-driven decision-making but also enhance the credibility and visibility of the countries involved, attracting more international support to drive impactful, sustainable change in their food systems.” he said.
The announcement to extend the 3FS also featured remarks from supporting partners, including the Asian Development Bank (ADB) and AGRA – Sustainably Growing Africa’s Food Systems, which have expressed ‘strong support’ for the initiative. Read more here.
