SAARC Development Fund to hold Board Meeting in Colombo

Thursday, 22 August 2019 02:56 - - {{hitsCtrl.values.hits}}

SAARC Development Fund will hold its 31st Board Meeting in Colombo this week, taking decisions on key issues to further promote regional integration and economic cooperation among its eight Member States.

SAARC Development fund CEO Dr. Sunil Motiwal with Finance Minister Mangala Samaraweera

The Fund’s CEO Dr. Sunil Motiwal called on Finance Minister Mangala Samaraweera in his office. As SDF Governing Council member, the Minister expressed his continued support to SDF’s role in enhancing regional connectivity and economic cooperation.

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. The Secretariat is based in Thimphu, Bhutan.

SDF’s governance structure includes its Governing Council comprising of the Finance Ministers of the eight SAARC Member States, and its Board of Directors comprised of representatives from the Ministry of Finance of each Member State. The SDF Secretariat, located in Thimphu, Bhutan, is headed by Chief Executive Officer.

SDF has an authorised capital of $ 1.5 billion and total capital base of $ 511.52 million. Currently SDF is implementing 80 projects under its Social Window funding scheme with fund commitment of $ 73.74 million and two more projects are approved in principle in social sector, five projects under the Economic and Infrastructure windows (including two in-principle approved projects) with a fund commitment of $ 73 million and MSME Program with fund allocation of $ 50 million in SAARC Member States. The cumulative fund commitment under the three funding windows including MSME Program stands at $ 197.4 million.

“Further, more than 10 bankable projects including projects in Sri Lanka are also under active consideration of SDF to co-finance in SAARC Member States,” said Dr. Motiwal.

On the sidelines of the upcoming SDF Board Meeting, CEO Dr. Motiwal also met with Finance Ministry External Resources Division Director General P. Rathnayake to discuss the SAARC Development Fund’s ongoing partnership and future action plan. He also met with officials from the Ministry of Finance including Director General, Fiscal Policy and SDF Board Director K.A. Vimalenthirarajah.