Published: 19 August 2013

The Southern African Development Community is finalising the modalities of a long-awaited development fund to accelerate the regional integration agenda.

According to a document released ahead of the 33rd Summit of Sadc Heads of State and Government taking place in Lilongwe, Malawi tommorow, work on the proposed Regional Development Fund has reached an advanced stage despite a few administrative and logistical challenges.

The Sadc Regional Development Fund is a financial mechanism intended to mobilise resources from member states, the private sector and development partners to finance programmes and projects to deepen regional integration. According to the document, the sticking issues that are delaying implementation of the facility include negotiations on which country would host the fund as well as staffing issues.

What has been agreed so far is that member states will hold 51 percent of the shares in the facility, against 37 percent for the private sector and 12 percent for International Co-operating Partners.

The fund will have seed capital of $1,2 billion, with member states expected to contribute $612 million while the private sector will take up $444 million of the share capital and $144 million will come from ICPs. 
- herald

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