The International Coffee Organization (ICO) hosted the 21st meeting between the Common Fund for Commodities (CFC) and the International Commodity Bodies at its offices in London on 27 October 2014.
In his opening remarks, ICO’s Executive Director Robério Oliveira Silva welcomed the initiative of the CFC to exchange views with international commodity organizations to further strengthen their existing cooperation. The meeting was chaired by Mr Parvindar Singh, Managing Director of the CFC.
During the meeting, discussions took place on the ongoing changes to the role and mandate of the CFC. A substantial reduction in the CFC’s resources have resulted in a shift away from grant financing of development projects to loan-based financing for programmes that can demonstrate profit-generating activities.
The Executive Director of the ICO, Mr Robério Oliveira Silva, said “We had a thorough discussion on the future of the global commodities governance. We all agree that there is a need to raise funds to assist commodity producing countries with financing, technical assistance, as well as research and extension.”