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SAARC Development Fund to hold 31st board meeting in Colombo

Ahmed Aiham
22 August 2019, MVT 09:03
SAARC Development Fund (SDF)'s CEO Dr Sunil Motiwal and Sri Lankan Finance Minister Mangala Samaraweera. PHOTO: SAARC DEVELOPMENT FUND
Ahmed Aiham
22 August 2019, MVT 09:03

The South Asian Association for Regional Cooperation (SAARC) Development Fund (SDF) will host its 31st Board Meeting in Colombo, Sri Lanka, on Friday

Representatives of the eight Member States comprising of Maldives, Bhutan, Pakistan, India, Bangladesh, Nepal and Sri Lanka will convene for the two-day meeting which is scheduled to conclude on Saturday.

Member States will move to address key areas of concern in order to promote regional integration and foster economic cooperation.

On the sidelines of the high-level meeting, SDF's CEO Dr Sunil Motiwal called on Sri Lankan Finance Minister Mangala Samaraweera on Tuesday.

The Minister, as SDF's Governing Council member, expressed his continued support to SDF's role in the region.

SDF was established by the heads of member states in April 2010 as an umbrella financial institution for SAARC projects and programmes in the SAARC region, aiming to promote the welfare of people, improve their quality of life, and accelerate economic growth, social progress and poverty alleviation in South Asia.

According to SAARC, the fund is governed by a board consisting of representatives from the Ministry of Finance in each state. Meanwhile, the Governing Council of SDF, comprised of the finance ministers from member nations, oversees functioning of the board.

Earlier in 2019, SDF announced a USD 10 million Micro, Small and Medium Enterprise (MSME) funding scheme in Maldives.

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