SDF, ADB ink pact for co-financing of projects

SAARC Development Fund (SDF) and Asian Development Bank (ADB) signed an agreement for co-financing of projects, regional connectivity and development of the SAARC region.
"ADB and SDF have signed a Memorandum of Understanding (MoU), agreeing to collaborate for the development of the SAARC region through co-financing of projects and programs focusing on regional connectivity/integration and economic cooperation among the SAARC member states," a statement issued today by SDF reads.
The two institutions have also agreed to provide technical assistance and investments for co-financing on the three windows of SDF, Micro Small Medium Enterprises (MSME) Programme and Social Enterprise Development Programme (SEDP), and any other new areas which can be covered under the pact, according to the statement.
Established to promote the welfare of the people of SAARC Region, improve the quality of life, and to accelerate economic growth, social progress and poverty alleviation in the SAARC Region, SDF recently has also signed yet another agreement with Asian Infrastructure Investment Bank (AIIB) in April to co-finance SAARC projects.
SDF, which was established in April 2010, has three financing windows; Social, Economic and Infrastructure.
The Social Window primarily funds projects, inter alia, on poverty alleviation, social development focusing on education; health; human resources development; support to venerable/disadvantaged segments of the society; funding needs of communities, micro-enterprises, rural infrastructure development that are in line with regional consensus as reflected in the SAARC Social Charter, SAARC Development Goals, SAARC Plan of Action on Poverty Alleviation and other SAARC agreed and endorsed plans, programmes and instruments.
Likewise, the Economic Window extends funding to non-infrastructural projects related to trade and industrial development, agriculture, service sector, science and technology and other non-infrastructure areas. Similarly, the Infrastructure Windows will be utilized to fund projects in areas such as energy, power, transportation, telecommunications, environment, tourism and other infrastructure areas.