Chief Executive Officer of SAARC Development Fund, Dr Sunil Motiwal called on the Hon’ble Finance Minister of Nepal H.E Dr Yuba Raj Khatiwada today at the Ministry of Finance, Kathmandu, Nepal.
The Finance Minister is a Governing Council member of SDF. They discussed SAARC Development Fund’s current status, achievements and future action plan, along with SDF-funded projects in Nepal along the new projects which will commence soon.
The Minister stressed on finalizing the Terms of Lending of SDF-funds and adopting market-oriented approach for lending to the Member States.
CEO, SDF informed that SDF is implementing 90 projects in all SAARC Member States under its Social, Economic and Infrastructure funding windows with a total fund commitment/allocation of USD 198.24 million. 48 projects (in 7 areas) have been successfully completed to benefit thousands of people in SAARC Member States.
The SAARC Development Fund, since its inception in 2010 by heads of the eight SAARC member states, is honored to continue its mandate of building regional integration and economic cooperation through project funding in all the eight SAARC member states.
Governing Structure of SDF (one of strategic advantages):
SDF is governed by the Governing Council that comprises Finance Ministers of SAARC Member States. The Board of Directors of SDF comprises the senior officials representing Finance Ministries of Member States, Secretary General of SAARC Secretariat and Chief Executive Officer, SDF. SDF Secretariat is based in Bhutan
SDF Funding Windows:
SDF has three funding windows viz. Social, Economic and Infrastructure.
Social Window funds the projects, inter alia, on poverty alleviation, social development focusing on education; health; human resources development; support to vulnerable/disadvantaged segments of the society; funding needs of communities, micro-enterprises, and rural infrastructure development.
Economic Window extends funding to projects in Trade and Industrial Development, Agriculture and allied sectors, Services Sector, Science and Technology, and Other Non-Infrastructure areas.
Infrastructure Window extends funding to projects in Energy, Transportation, Power, Telecommunications, Environment, Tourism, and other Infrastructure areas. (PR)