The Council of Ministers of the Southern African Development Community (SADC) has approved the setting up of a long-awaited Regional Development Fund, one of whose main priorities will be the financing of infrastructure in the region.According to SADC Deputy Executive Secretary responsible for regional integration, Jo‹o Caholo, the proposed fund will have a subscribed capital of US$1.2 billion (P9.3 billion).
"We have been mandated by Council to look into issues to do with the development fund such as the voting and management structure," Caholo said at the close of the two-day Council of Ministers held ahead of the 32nd Summit of SADC Heads of State and Government in Maputo, Mozambique.He said the SADC Secretariat was also mandated by Council to ascertain how much the fund's issued capital will. "We are looking at something between US$10 and US$250 million," he said.Funding for the proposed facility is expected to come from member states, but "we will not shun away from the private sector".
