The SAARC Development Fund (SDF) celebrated 35th SAARC
Charter Day today. The SAARC Charter establishing South Asian Association for
Regional Cooperation (SAARC) was adopted on 8 December 1985 by the SAARC Heads
of State or Government during their first-ever Summit in Dhaka, Bangladesh.
The SAARC Charter recognizes the regions shared
history and common destiny, and the determination of the SAARC Member States -
Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
- to foster mutual understanding, friendship and cooperation for peace and
prosperity. The objective of SAARC is to accelerate the process of social,
economic and cultural development in the region.
In April 2010, SAARC Development Fund was inaugurated
by the Heads of States/Governments of SAARC Member States during the Sixteenth
SAARC Summit held in Thimphu, Bhutan.
CEO of SDF, Dr Sunil Motiwal, said that the SAARC
Development Fund, as an umbrella financial institution for SAARC projects and
programs is fully committed to promote "Regional Integration and Economic
Cooperation among the SAARC Member States through project funding and
collaboration." He said that SAARC Development Fund continues to undertake a
number of initiatives for the strategic growth of the SAARC region, such as
forging relationships with partners for taking up joint initiatives and
co-funding of projects.
Currently, SDF is implementing 90 projects in all
SAARC Member States under its Social, Economic and Infrastructure funding
windows with a total fund commitment/allocation of USD 198.24 million. 48
projects (in 7 areas) have been successfully completed to benefit thousands of
people in SAARC Member States.
The 35th SAARC Charter Day celebration brought
together high-ranking government officials, resident Ambassadors, heads of international
organizations, civil society representatives and implementing agencies of SDF
funded projects, among others for an evening of music and food from eight SAARC
Member States.
Honble Foreign Minister Lyonpo Dr Tandi Dorji said
that SAARC has seen substantial progress but there have also been a lot of
challenges. "The vision of SAARC to foster cooperation among the countries and
to work towards prosperity and wellbeing of the people, all the eight SAARC
countries have been working hard towards this vision," he said. He commended
SDF for implementing the regional projects towards alleviating poverty and
improving the welfare of the people of this region.
In his address at the program, CEO SDF, Dr. Sunil
Motiwal said that further, more than 10 bankable projects are also under active
consideration of SDF to co-finance in SAARC Member States.
"On SAARC Charter Day, SDF avails itself of the
opportunity to renew its commitment and would like thank the people and the
governments of eight SAARC Member States for your conviction and support for
the strategic growth of this region," said Dr Motiwal.
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