Cabinet gives nod to creation of SAARC development fund

New Delhi, Mar 7 : The Union Cabinet today gave its approval to the following proposals on the establishment of the SAARC Development Fund.

It also gave approval to singing of Intergovernmental Agreement on the establishment of the SAARC Development Fund during the 15th SAARC Summit scheduled to be held on August 2-3, 2008 in Sri Lanka.

The cabinet gave nod to releasing India's voluntary contribution of 100 million dollars for the Social Window of the SAARC Development Fund, releasing India's assessed contribution of 38.47 million dollars for the Social Window of the SAARC Development Fund.

It will help in immediate operationalization of the SDF during India's Chairmanship of SAARC. It will be instrumental in moving SAARC from declaratory to the implementation phase. It will help in long term development of the SAARC region in social, economic and infrastructure terms and regional cooperation within SAARC will be activated.

ANI