Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 25 October 2019 00:00 - - {{hitsCtrl.values.hits}}
SDF Counterpart Agencies from eight SAARC Member States (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka) are meeting in Malé, Maldives this week for the 6th Counterpart Agencies Meeting of the SAARC Development Fund (SDF).
Minister for Economic Development Fayyaz Ismail graced the inaugural session of the Meeting on 23 October. During his inaugural address, the Minister committed to strengthen Maldives’ interaction with SAARC Development Fund increase SDF’s assistance and projects in Maldives. He said that they would be proposing more projects originating from Maldives for co-financing by SDF.
The Counterpart Agencies comprising members from the Ministry of Finance of eight SAARC Member States will review and discuss key issues to further promote regional integration and economic co-operation among the member countries.
The meeting is to review the status and achievements of ongoing SDF-funded projects in the SAARC Member States, and discuss challenges faced in implementating these projects and as well as the important role of the SDF Counterpart Agencies.
SDF Counterpart Agencies are the focal points nominated by the respective Finance Ministries in order to co-ordinate and facilitate on behalf of SDF in the respective Member States.
SDF CEO Dr. Sunil Motiwal said: “The Counterpart Agencies have a very vital role in effective implementation of projects in the SAARC Member States, as they act as co-ordinator/ facilitator on behalf of SDF as and when requested by SDF. Their role as Counterpart Agencies will certainly benefit SDF even more in times to come. SDF, along with its counterpart agencies, is fully committed to bring synergies in the Member States through project funding.”
Some of the key points from the Member States during the meeting were potential projects for co-financing in the areas of energy, infrastructure such as roads and railways, agriculture, waste management, tourism and export of marine products. The participants also discussed SDF’s current challenges in terms of its loan pricing and lending requirements.
The SAARC Development Fund, since its inception in April 2010 by heads of the eight SAARC Member States, is mandated to build regional integration and economic cooperation through project funding in all the SAARC member states – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
SDF’s governance structure includes its Governing Council comprising the Finance Ministers of the eight SAARC Member States, and its Board of Directors comprising representatives from the Ministry of Finance of each Member State. The SDF Secretariat, located in Thimphu, Bhutan, is headed by the Chief Executive Officer.
SDF has an authorised capital of $1.5 billion and total capital base of $511.52 million. Currently, SDF implements 92 projects in all SAARC Member States. There are 87 projects (under 13 areas) across all SAARC Member States under the Social Window with a fund commitment of $75.23 million, of which $48.37 million have been disbursed. There are five projects under the Economic and Infrastructure windows (including two in-principle approved projects) with a fund commitment of $73 million and an MSME program with a fund allocation of $50 million in SAARC Member States; $13 million have been disbursed under the Economic Window for financing of ATR aircraft for the Drukair Corporation, Bhutan. The cumulative fund commitment under the three funding windows, including MSME program, stands at $198.23 million.
“Further, more than 10 bankable projects, including projects in Sri Lanka are also under active consideration of SDF to co-finance in the SAARC Member States,” said Dr. Sunil Motiwal.
SDF has implemented five projects in Maldives so far:
1. Strengthening the livelihood initiative for home-based workers in SAARC Region (Phase I and II)
2. Strengthening maternal and child health including immunisation,
3. South Asia Initiative to End Violence Against Children (SAIEVAC)
4. Empowering rural communities: Reaching the unreached – setting up community e-centres, toll free helplines for women and children in SAARC Member States
5. Livelihood enhancement of the small scale framers in SAARC Region through small scale agro business focusing on value chain development.
On the sidelines of the Meeting, CEO Dr. Motiwal will call on to the Finance Minister Ibrahim Ameer and Economic Development Minister Uz. Fayyaz Ismail. He will also meet with other senior officials and partners.
