• Proposed nearly a decade ago, as a self-financing and revolving mechanism.
• Agreement to operationalize the Fund has been signed by only nine Member States.
• President of Angola called for innovative ways of financing key projects.
Southern African Development Community (SADC) notes the SADC Regional Development Fund (SDF) is intended to end reliance on external support.
Speaking when he paid a courtesy call to Angolan President João Lourenço, SADC Executive Secretary Elias Magosi explained the fund proposed nearly a decade ago, as a self-financing and revolving mechanism is also intended to leverage private sector funding to drive the region’s development agenda.
Mr. Magosi revealed the agreement to operationalize the Fund has been signed by only nine Member States, and none of them, has yet to deposit instruments of ratification with the SADC Secretariat.
Mr. Magosi said among his priorities during his tenure, is to work with Member States to eliminate obstacles to regional integration, industrialisation and improve access to markets in the region.
“Our wish as a secretariat of SADC is to have all these enabling instruments that have been approved, become operational because non ratification compromises the aspiration of our region” he said.
Further, Angola President at The State House in Luanda called for innovative ways of financing key projects that will facilitate market integration in the Southern African Development Community (SADC).
He said this is in order to enable citizens of the community enjoy benefits of regional integration.
According to SADC, the courtesy call was part of the SADC Executive Secretary’s programme to introduce himself to the Heads of State and Government in the region, share his ideas about a sustainable approach to expedite regional integration, achieve peace and security, as well as seek guidance and direction from the region’s leadership.
The regional Bloc indicated that SADC Executive Secretary had so far paid courtesy calls on the Heads of State and Government for the Democratic Republic of Congo (DRC), the Kingdom of Eswatini, the United Republic of Tanzania, the Republics of Botswana, Malawi, Mozambique, South Africa, Namibia, Zambia and Zimbabwe.
