Lilongwe — The Southern Africa Development Community (SADC) Cabinet Council Friday in Lilongwe urged the conclusion of the protocol for the operationalisation as from 2014 of the organisation's Regional Development Fund, a financing mechanism for the implementation of the region's structuring project, Angop learnt.
This was said to Angop by the Angolan Planning minister, Job Graça, adding that the meeting has recommended the finance ministers to finalise the said protocol and make it operational by August 2014.
The minister said this is the first step towards the identification of a country of the economic bloc to host the headquarters of the fund, followed by the nomination of a financial institution to entrust it.
Minister Job Graça also said that currently the SADC region needs a financial institution for development, hence the importance of creating the regional fund.
The Regional development fund, whose models will also be presented in 2014, has as its main goals to help SADC to finance transnational structuring projects, with stress to the sectors of transport, energy, water, information technology, meteorology, tourism and industrial development.
The fund will have an initial capital of Usd 1.2 billion, 51 percent of which, corresponding to 612 million, will come from contributions from 15 countries from the sub-region, 37 percent from the private sector and 12 from international partners.
Accompanying the Planning minister at the 33rd session of the SADC Council of Ministers are the minister of Commerce, Rosa Pacavira, the secretaries of Foreign Affairs, Manuel Augusto, Transports, José João Kuvíngua, Treasury, Leonel Silva, and the representative to the regional organisation, Beatriz de Morais.
The SADC Council of Ministers that started on Wednesday to adopt the agenda for the Summit of Heads of State and Government on August 17-18, in Lilongwe, reviewed, among other matters, the regional integration plan, investments in infrastructures and the dossier on the organisations tribunal.
SADC groups Angola, South Africa, Botswana, Zambia, Zimbabwe, Tanzania, Democratic Republic of Congo, Mozambique, Malawi, Lesotho, Mauritius, Seychelles, Namibia, Swaziland and Madagáscar (suspended).