ADB, SDF Sign Pact to Co-finance Development Projects
19 May 2016
The South Asian Association for Regional Cooperation Development Fund (SDF) and the Asian Development Bank (ADB) signed on 19 May a memorandum of understanding to undertake development projects in the South Asian region.
Dr. Sunil Motiwal, Chief Executive Officer, SDF, said the ADB and the SDF have agreed to collaborate on development projects for the region through co-financing of projects that focus on regional connectivity and economic cooperation among South Asian Association for Regional Cooperation (SAARC) member states.
ADB and SDF also committed to provide technical assistance and investments for co-financing in micro-, small, and medium enterprises (MSME), SAARC’s Social Enterprise Development Program, and other new areas. The memorandum of understanding was signed on 19 May.
The co-funding of projects in SAARC member states centers around transport, road connectivity, information and communications technology, trade and investment, energy, and industrial development.
ADB is committed to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
The SDF was established in April 2010 to promote the welfare of the people of SAARC region, improve their quality of life, and accelerate economic growth, social progress, and poverty alleviation.