SADC approves P10bn development fund

The ministers who met at a two-day trade, finance and investment meeting held in Gaborone last week urged commitment towards operationalisation of the Regional Development Fund.

SADC member states are expected to provide 51 percent of the funding, with $444 million coming from the private sector and $144 million from international partners. According to a statement released after the meeting, the Fund is currently capitalised to the tune of $240 million being the 20 percent of the subscribed share capital over a five-year period in accordance with the proposed allocations. The communiqué states that the ministers of finance affirmed commitment to operationalise the establishment of the Fund and requests further investigations by the secretariat to address modalities for capitalisation and shareholding in the fund.