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Project financing: SADC and ADB want to finance regional programs

14/08/2024
Source : ORISHAS-FINANCE
Categories: Sectors

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Exploring financing mechanisms for its regional programs is the common idea of the Southern African Development Community (SADC) in collaboration with the African Development Bank ( BAD ). Their partnership aims to set up a Regional Development Fund (FDR) in order to support projects in the 16 SADC member states

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The executive secretary of the SADC Council of Ministers, Elias Magosi, announced that the "serif">bad helps develop recommendations for raising funds for FDR. Indeed, the Regional Development Fund (FDR) that will be set up aims to ensure that the necessary funds are raised locally to finance SADC projects and programs

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Par ailleurs, Magosi emphasized the importance of convening a dedicated session for heads of financial and investment ministries in member states. He expressed concerns about the slow pace of ratification of the Agreement on the Operationalization of the Fund. According to him, to date, only Angola has ratified the Agreement, while Zimbabwe is close to completing this process. Zambia and the Democratic Republic of Congo have also expressed their intention to ratify the Agreement soon

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