SADC Committee of Ministers of Finance and Investment Agree to Finalize the Establishment of SADC Development Fund

SADC Committee of Ministers of Finance and Investment met on Saturday 12 March 2016 in Gaborone, Botswana. The main objective of this meeting was to consider the outcome of the assessment sanctioned by Ministers, on the operationalization of the SADC Regional Development Fund, and to devise mechanisms to sustainably fund the SADC regional development and integration agenda. The meeting was opened and chaired by SADC Chairperson of Council of Ministers, Hon. Kenneth Matambo who said: “It is necessary to review progress in the development of the long envisaged SADC Regional Development Fund while we continue to seed other sustainable ways of financing our regional programs”

In her opening remarks, the SADC Executive Secretary, H.E. Dr. Stergomena Lawrence Tax gave a brief  overview of the progress made since the last meeting held in August 2015. Deliberating on progress made, the Ministers agreed to expeditiously operationalize the SADC Development Fund through a two phased approach; phase one to focus on project preparation and development, and phase two to focus on infrastructure development, industrial development, integration and economic adjustment and social development windows.