SAARC development fund allocates $5mn for Covid-19 projects

The South Asian Association for Regional Cooperation (SAARC) Development Fund (SDF) has allocated $5 million for COVID-19 related projects in its member states. This project will be funded by the SDF under its Social Window thematic areas. SDF’s social window primarily funds projects on poverty alleviation, social development focusing on education, health, and human resource development, among others.

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The objective of the Projects:

• The objective of the US$ 5 million allocations is to provide fund support to the Member States in their efforts and to protect the people of the SAARC Member States by mitigating the financial losses and severe socio-economic impact of the COVID-19 pandemic.
• The SDF is currently implementing 90 projects in all SAARC member states under its three funding windows, economic, infrastructure and social, with a total fund commitment of $198.24 million.

Important takeaways for all competitive exams:

• SAARC 8 members states include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
• Headquarters of SAARC: Kathmandu, Nepal.
• Secretary-General of SAARC: Esala Ruwan Weerakoon.
• Chief Executive Officer (CEO) of SDF: Sunil Motiwal.

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