SAARC Development Fund mobilizes USD 5 million for virus response projects

SAARC Development Fund (SDF), on Tuesday, announced it has allocated USD 5 million to finance COVID-19 response projects in SAARC member nations.

SDF’s chief executive officer Dr. Sunil Motiwal noted that the objective of the USD 5 million allocation was to “provide fund support to member states by mitigating the financial losses and severe socio-economic impact of the COVID-1 pandemic.”

As such, COVID-19 projects will be funded by SDF under its social window thematic areas; poverty alleviation, social development focusing education, health, human resource development, support to vulnerable/disadvantaged groups in society, funding needs of communities, micro-enterprises and rural infrastructure development.

While eight SAARC member states with project related to COVID-19 response or mitigation may apply for funding, at least three or more member states need to participate in the project to be eligible.  

SDF is currently implementing 90 projects in SAARC member nations, worth a cumulative total of USD 198.24 million.

The eight SAARC member states - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka - have reported 8,282 confirmed cases of COVID-19.

India has reported 4,281 cases, Pakistan 3,403, Afghanistan 299, Sri Lanka 178, Bangladesh 88, Maldives 19, Nepal 9 and Bhutan 5.