SAARC Development Fund plans to shore up its funding capacity

The Saarc Development Fund (SDF) plans to augment its funding capacity with the help of other multilateral institutions, including the World Bank, the Asian Development Bank (ADB) and the Asian Infrastructure and Investment Bank (AIIB).

The increased financial resources can be utilised for development of key infrastructure, economic and social projects in South Asian Association for Regional Cooperation (Saarc) member states including India, the SDF said in a statement.

Recently, the SDF gave in-principle approval for funding of two infrastructure projects with a cumulative funding of USD 30 million in India.

As part of strategy to enhance its funding capacity, the SDF would be engaging with other multilateral institutions, including the World Bank and ADB, here on July 2-3, it said.

Saarc member states' commitment to the development of the region is clearly visible by participation of its top officials at the Partnership Conclave which would be inaugurated by NITI Aayog CEO Amitabh Kant for soliciting the maximum of support from multilateral funding organisations for the region, it said.

The SDF is currently implementing 12 regional projects with more than 70 implementing and lead implementing agencies covering all the eight Member States under the Social Window funding.

The SDF was established by the Heads of the eight SAARC member states in April 2010 and its Governing Council comprises finance ministers of these eight countries.