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SAARC Development Fund CEO meets Finance Minister Ameer

Mariyam Malsa
26 October 2019, MVT 11:20
Chief Executive Officer of SAARC Development Fund Dr Sunil Motiwal and Minister of Finance Ibrahim Ameer. PHOTO: SAARC
Mariyam Malsa
26 October 2019, MVT 11:20

Chief Executive Officer of SAARC Development Fund Dr Sunil Motiwal, on Friday, called on the Minister of Finance Ibrahim Ameer.

The discussion centred on SDF funded projects and the possibility of further strengthening collaboration via project financing.

Minister Ameer, who also serves on the SDF Governing Council, guaranteed efforts to increase opportunities for projects co-financed with SDF.

CEO Motiwal also called on the Minister of Communication, Science and Technology Mohamed Maleeh Jamal. They discussed SDF-funded projects and greater possibilities for co-financing with emphasis on initiatives related to the establishment of an ICT and software hub in Maldives.

Furthermore, CEO Motiwal also briefed Multilateral Secretary Ali Naseer Mohamed and Joint Secretary Fathimath Ghina from the Ministry of Foreign Affairs concerning projects funded by SDF under three windows and the fund allocated to Maldives.

Currently, SDF is implementing 92 projects under three windows across the SAARC member states. A total of 87 projects fall under the Social Window which carries a fund commitment of USD 75.23 million. SDF has disbursed USD 48.37 million for the Social Window.

Five projects under the Economic and Infrastructure windows are allocated USD 73 million in addition to an MSME Program with a budget of USD 50 million. SDF has disbursed USD 13 million under the Economic Window to finance ATR aircraft for Drukair Corporation, Bhutan. The cumulative fund commitment under the three funding windows stands at USD 198.23 million.

“Further, more than 10 bankable projects are also under active consideration of SDF to co-finance in SAARC member states”, stated Dr Sunil Motiwal.

The SAARC Development Fund was created in April 2010 by the heads of eight member states. Headquartered in Thimphu, Bhutan, SDF is mandated to promote regional integration and economic cooperation through project funding in all SAARC member states.

SDF's governance structure consists of the Governing Council, comprised of the Finance Ministers of the eight SAARC member states, and the Board of Directors which is comprised of finance ministry representatives from each member state. The SDF Secretariat, also located in Thimphu, Bhutan, is headed by the Chief Executive Officer.

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