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SAARC Development Fund, ADB pact to jointly finance projects

Press Trust of India  |  New Delhi 

Development Fund (SDF) and Asian Development Bank (ADB) have signed a pact to mobilize new funds to jointly finance projects.

Areas such as transport, road connectivity, ICT, industrial development, trade and investment and energy will be the focus areas of co-funding of projects in the member states, SDF Chief Executive Officer (CEO) Sunil Motiwal said in a statement.

ADB has already submitted a road connectivity project proposal titled 'South Sub Regional Economic Cooperation (SASEC) Road Improvements Project', to SDF for co-funding.

SDF was established by the eight member states in April 2010 to promote the welfare of the people of region, improve their quality of life, and to accelerate economic growth, social progress and poverty alleviation in the region.

First Published: Wed, May 25 2016. 17:02 IST