Saarc countries' conclave begins in New Delhi today

The Saarc Development Fund (SDF) will engage with top multilateral institutions from tomorrow to strengthen its financial resources for more infrastructure, economic and social projects in Saarc member-countries.

The multilateral institutions include the World Bank, the Asian Development Bank and the Asian Infrastructure and Investment Bank.

Senior officials of the Saarc countries will take part in the two-day partnership conclave to be held at the India International Centre in New Delhi starting today.

Maximum support from the multilateral funding organisations was sought for the region, according to a statement issued by the SDF.

The two projects cleared by the SDF two months ago are a waste-to-energy project in Sri Lanka involving participation of India and a hydro-power scheme in Nepal with participation of Bangladesh and India.

The two projects entail a cumulative investment of $30 million, said SDF Chief Executive Officer Sunil Motiwal, who is now in Delhi for the conclave.

“We are confident that the projects would help the SDF to achieve its development goals in the region and promote welfare and prosperity of the people in the Saarc region,” Motiwal said.

“Other potential bankable infrastructure projects with regional connectivity are under our active consideration for co-financing.”

The SDF is currently implementing 12 regional projects with more than 70 implementing and lead implementing agencies covering all the eight member-countries under the social window funding.

“We have already committed $73.74 million for social window projects as of date, of which $46.26 million has already been disbursed to the member-countries.”

“Recently, we have in-principle approved two energy infrastructure projects in the region with a loan commitment of $30 million under our Infrastructure window,” he said.

“Other potential regional connectivity projects are under our active consideration to co-finance in Saarc member-states. Therefore, SDF is well poised to contribute significantly in achieving its developmental role in the Saarc region.”

The SDF established by eight Saarc countries in April of 2010 is the umbrella financial institution of Saarc projects and programmes.