Nepal

SAARC Development Fund allocates five million dollars for COVID-19 projects

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Kathmandu, April 7 The SAARC Development Fund has allocated USD five million for COVID-19 projects in SAARC member states under its Social Window to support member countries in responding to COVID-19 pandemic. &The objective of the USD 5 million allocation is to provide fund support to member states in their efforts and to protect the people of SAARC member states by mitigating financial losses and severe socio-economic impact of the COVID-19 pandemic,& said CEO of SDF Sunil Motiwal in a press release issued today. As the virus continues to spread globally, the eight SAARC member states — Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka — have reported more than 8,282 confirmed cases of Coronavirus till yesterday. India has reported 4,281 cases, Pakistan 3,403, Afghanistan 299, Sri Lanka 178, Bangladesh 88, Maldives 19, Nepal 9 and Bhutan 5, according to World Health Organisation. This COVID-19 project will be funded by SDF under its Social Window thematic areas.

In keeping with SDF Charter Article 4 Section 2, Social Window shall primarily fund projects on poverty alleviation and social development focusing on education, health, human resource development, support to vulnerable/ disadvantaged segment of society, funding needs of communities, micro-enterprises and rural infrastructure development. CEO Motiwal said that all eligible project proposals submitted to SDF shall be reviewed and due diligence would be ensured.&The approval process, project implementation, fund disbursement, management, monitoring and reporting shall be as per the existing SDF-Board approved policy, and practices of SDF and Social Window,& he said. A version of this article appears in e-paper on April 08, 2020 of The Himalayan Times. The post SAARC Development Fund allocates five million dollars for COVID-19 projects appeared first on The Himalayan Times.




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