CFC Response to COVID 19 pandemic – update 25 June 2020
What the Common Fund for Commodities (CFC) is doing about the coronavirus outbreak?
Responding to the ongoing pandemic of Coronavirus, COVID-19, the Common Fund for Commodities (CFC) has adopted several measures based on the new guidelines announced by the health authorities of the Netherlands. The CFC is observing all relevant guidelines in its entirety and with due update. The fact that the World Health Organization’s characterization of the spread of the virus as a pandemic, made it incumbent on all of us to resort to measures that was not previously thought of.
These measures pertain to contingency staffing, work from home and virtual meetings etc. However, the CFC, as an organizations devoted to the socioeconomic development of commodity producers, remain acutely aware of its enhanced duties even at this time of pandemic, to provide all necessary support to see that projects remains on course, as best as it could. The CFC is, therefore, working hard to remain in touch with the project implementing authorities and thereby minimizing the effect of COVID-19.
To contribute to poverty alleviation by strengthening the income-generating capacity of commodity producers and mitigating vulnerability to their economic well being.
To strengthen and diversify the commodity sector in developing countries and transform it to be a major contributor to poverty alleviation and sustained economic growth and development.
The CFC member states were duly informed and updated about these measures during 69th Executive Board Meeting which was held, virtually, on 08 April 2020 last.
The CFC Secretariat will continue to monitor the situation and take all reasonable measures to protect CFC personnel and its clients, while minimizing the impact of the outbreak on the implementation of the CFC’s activities for 2020 and beyond. The Secretariat will keep member states informed as needed.
In the meanwhile, the CFC will like to the highlight the essentiality of enhanced global cooperation to keep the commodity supply chains as minimally impacted as possible, which is at the center of the CFC’s mission as an UN affiliated International Financial Organization.
On 23 June 2020, the Executive Board of the CFC approved the establishment of the Emergency Liquidity Facility under the authority of the Managing Director which will assist qualifying companies to cover the need for additional working capital caused by the pandemic.
The CFC will continue its quest to keep itself in a state of readiness so that resiliency in the supply chain maintains when lockdown restrictions imposed due to COVID-19 begin to ease. We will have to work in unity and with solidarity with all our partners and peers to come out of it with as less disruptions as possible, while taking note of the positive silver linings, like more network preparedness and the necessity of online business connectivity between developing and developed world, to tweak, where appropriate, our work in the future.
Please write to us at firstname.lastname@example.org if you have any comment/suggestion/idea to share.CFC’s COVID-19 situation briefing United Nations Update COVID-19 Global Trade Helpdesk COVID-19
Making commodities work for everyone
The Common Fund’s mandate is to enhance the socioeconomic development of commodity producers and contribute to the development of society as a whole. In line with its market-oriented approach, the Fund concentrates on commodity development projects financed from its resources.
These resources consist of voluntary contributions, capital subscriptions by Member Countries transferred to the Second Account and interest earned. In partnership with other development institutions, the private sector and civil society, the Fund endeavours to achieve overall efficiency in and impact on commodity development.
CFC is proud to play a catalytic role in promoting and supporting poverty alleviation through commodity- focused development.
17th Open Call for Proposals
Making a Difference
The Common Fund for Commodities (CFC) provides a range of financial and technical instruments to support projects proposed by enterprises, cooperatives and institutions along the entire commodity value chain in its member countries. These activities cover all segments of the value chain (including production, processing, financing, marketing etc.). This includes services and support functions, that help all participants in the process of value generation to improve the economic, social and environmental well-being of its poorest participants at the bottom of the pyramid.
The support is offered mainly through loans to finance equipment, working capital or trade finance needs. The CFC seeks applications of projects that have reached a state of economic, social and environmental sustainability. These applications should clearly show operational and financial viability, with a proven track record. Women entrepreneurs are encouraged to apply.
All interested parties are kindly invited to submit qualifying proposals no later than 15 October 2020.Read more