Cabinet approves Saarc Development Fund proposal

March 8th, 2008 - 12:20 am ICT by admin  

New Delhi, March 7 (IANS) The union cabinet Friday approved three important proposals related to the South Asian Association for Regional Cooperation (Saarc) Development Fund, Minister for Information and Broadcasting Priya Ranjan Dasmunsi told reporters. The proposals approved are: signing of intergovernmental agreement on the establishment of the Saarc Development Fund (SDF) during the 15th Saarc Summit scheduled to be held from Aug 2, 2008, in Sri Lanka, and release of India’s voluntary contribution of $100 million for the Social Window of the Saarc Development Fund.

The proposal to release India’s assessed contribution of $38.47 million for the Social Window of Saarc Development Fund was also accepted.

Saarc nations have established three windows - Social, Economic and Infrastructure - to work on projects under these heads in the region. Each country will contribute funds for these projects both voluntarily and as per the assessed share of each.

The cabinet decisions Friday will help in immediate operationalisation of SDF during India’s chairmanship of Saarc. Both the voluntary contribution of $100 million and assessed contribution of $38.47 million will be released in the current financial year (2007-08).

Tags: , , , , , , , , , , , , , , , , , ,

Posted in Politics |