Indian Ambassador to Bhutan Ruchira Kamboj was briefed on the current activities and future action plan of the SAARC Development Fund (SDF) on Monday
Indian Ambassador to Bhutan Ruchira Kamboj was briefed on the current activities and future action plan of the SAARC Development Fund (SDF) on Monday. During her visit to the SDF Secretariat based in Thimphu, Bhutan, SDF's Chief Executive Officer Dr Sunil Motiwal and other officials updated Ambassador Kamboj on the fund's achievements and ongoing projects in the SAARC member states under its Social, Economic and Infrastructure Windows.
The Secretariat also presented the ambassador with an overview of upcoming pipeline projects, as well as those for SDF’s COVID-19 emergency funding to support member countries' response to the ongoing COVID-19 pandemic. Noting that SDF has received 12 proposals for the funding to date, Dr Motiwal briefed Ambassador Kamboj on the ones being considered.
“It is an honour for us at SDF to welcome Her Excellency and discuss the investment opportunities for the Member States and how India must continue to play an important role for the region’s growth,” said CEO Dr Sunil Motiwal, highlighting India’s role for the strategic growth of the South Asian region.
Formed in April 2010 by the heads of SAARC, the SDF is mandated to build regional integration and economic cooperation through project funding in the eight SAARC member states of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
SDF disclosed that it is currently implementing 90 projects in all the member countries under its three funding windows, with a total fund allocation of USD 198.24 million. Of these projects, 54 in seven areas have been already been completed.
The SAARC Development Fund has a capital of USD 1.5 billion and total capital base of USD 529.37 million.