The United Nations’ International Fund for Agricultural Development (IFAD) has pledged $55 million for two projects geared toward poverty reduction in rural areas in the countryside, the Department of Agriculture (DA) announced on Friday.

Agriculture Undersecretary Dennis Guerrero said the projects expected to commence by 2016 are the Convergence of Value-Chain Enhancement for Rural Growth and Empowerment (Converge) and Fisheries, Coastal Resources and Livelihood (FishCORAL).