Advancing Climate Resilience and Inclusive Growth for Commodity-Dependent Nations
The Hague, 12 December 2024 – The Governing Council of the Common Fund for Commodities (CFC) successfully concluded its 36th Annual Meeting, held on 11–12 December 2024 at The Hague Marriott Hotel, The Netherlands. Delegates from Member Countries, international organizations, and institutional observers gathered to discuss strategic priorities, operational achievements, and future directions for the Fund.
During the meeting, H.E. Ms. Mirjam Blaak Sow (Uganda) was unanimously elected as Chairperson of the Governing Council for 2024 and 2025. H.E. Ambassador Caroline Kitana Chipeta (Tanzania), H.E. Ambassador Rekha Gunasekera (Sri Lanka), Ms. Anna Tofften (Sweden), and Mr. Jin Yuan (China) were elected as Vice Chairpersons for their respective regional groups.
H.E. Mr. Georges Rebelo Chikoti, Secretary-General of the Organisation of African, Caribbean, and Pacific States (OACPS), delivered the keynote address, stating:
“The OACPS and the CFC are not mere partners of convenience but allies united by a shared purpose. Together, we share a deep and enduring commitment to addressing the root causes of poverty and economic disparity in the developing world. By harnessing our collective resources and expertise, we can offer millions of smallholder farmers across Africa, the Caribbean, and the Pacific more than just a chance at survival.”
He further emphasized the need for fair and inclusive policies, ensuring that smallholder farmers are not excluded from global markets due to stringent compliance regulations under initiatives such as the European Union Deforestation Regulation (EUDR).
The CFC achieved significant milestones in 2024, including the approval of 18 projects under the Open Call for Proposals, representing a cumulative project cost of USD 135.56 million. The CFC’s contribution amounted to USD 18.55 million, with a focus on regenerative agriculture, climate resilience, and smallholder livelihoods. To date, the Fund has supported 480 projects globally, representing a total value of USD 344.55 million.
Progress in operationalizing the Agricultural Commodity Transformation (ACT) Fund was also highlighted, including successful engagements with Development Finance Institutions and impact investors. The Fund’s innovative approach integrates climate resilience and improved farmer livelihoods. Its recent collaboration with the U.S. Department of State aims to scale private sector investment into climate-adapted crop varieties and healthy soils through the Vision for Adapted Crops and Soils (VACS) initiative.
During the meeting, it was announced that the CFC received a grant of USD 500,000 from the Central Africa Forestry Initiative (CAFI) for a project focused on shaping deforestation-free agricultural value chains in the Congo Basin region.
The Governing Council approved the Consolidated Administrative Budget for 2025, maintaining zero real growth while accommodating external funding provisions for initiatives such as CAFI and the ACT Fund. It also approved the preparation and implementation of the CFC’s Strategic Framework for 2025–2035, allocating a budget of USD 200,000 to guide the Fund’s future priorities and enhance its impact in supporting commodity-dependent countries.
H.E. Ambassador Sheikh Mohammed Belal, Managing Director of the CFC, underscored the Fund’s role in addressing global inequality and promoting innovation. He remarked:
“We gather here with a profound sense of purpose to address the persistent yet transformative challenge of empowering smallholder farmers and SMEs in the Global South. These communities form the backbone of the global economy, comprising 70% of the workforce in low-income countries. Yet, they remain underserved. Together, we can change this narrative and build an inclusive future.”
Highlighting the CFC’s innovative approaches, such as the use of advanced technology, carbon trading, and regenerative agriculture, Ambassador Belal emphasized their importance in addressing both climate resilience and economic growth. He urged Member States to provide necessary support to commodity-producing smallholders for a technology-enabled transformation:
“Only through strategic intervention, following the roadmap of the Integrated Program of Commodities (IPC) in commodity value chains, can humanity still have a shot at achieving the SDGs—if at all.”
The Governing Council also announced that the 37th Annual Meeting will take place on 9–10 December 2025 in The Hague, with an open invitation for any Member State to host the event.
In a world of unprecedented wealth and technological advancements, the growing prevalence of absolute poverty starkly underscores a deepening inequality that cannot be ignored. The Common Fund for Commodities (CFC) calls on all stakeholders—governments, corporations, and civil society—to prioritize the fundamental tenets of humanity: compassion, equity, and collective responsibility. As stewards of a shared planet, it is imperative to address the persistent challenges faced by the most vulnerable, ensuring that no one is left behind.
The CFC reaffirmed its commitment to fostering sustainable development and urged the global community to unite in building a fairer and more inclusive world—because we have only one planet to call home.
The CFC is an intergovernmental financial institution established to enhance the socio-economic development of commodity-dependent countries. Through partnerships, innovation, and impactful investments, the Fund addresses challenges in global commodity value chains, promoting sustainability and inclusive growth.
For further information, please contact: managing.director@common-fund.org
