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SAARC fund commits $30 mn for 2 energy projects

SAARC fund commits $30 mn for 2 energy projects

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SAARC Development Fund (SDF) has activated its infrastructure window by giving in-principle approval to two energy projects in Nepal and Sri Lank with total commitment of USD 30 million.

CEO of SDF Sunil Motiwal said the fund will have an exposure of USD 15 million in the Hydro-electric project (HEP) in Nepal.

The electricity generated from the project is proposed to be supplied to the grids in Nepal, Bangladesh and India.

SDF has also committed USD 15 million to energy project in Sri Lanka where the municipal waste will be converted to electricity and supplied to the grid, he said in a statement.

Motiwal expressed confidence that the projects will help SDF achieve its development goals in the region and promote welfare and prosperity of the people in the SAARC region.

He further said the SDF was also considering some “bankable cross border regional connectivity projects” in renewable energy, transport, telecom and information technology and communication (ICT) under the Economic and Infrastructure Windows of the fund.

SDF was established by the Heads of the eight SAARC Member States — Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka in April 2010 with the aim to promote the welfare of the people of SAARC region.

The fund serves as the umbrella financial institution for SAARC projects and programmes which fulfil the objectives of the SAARC Charter.

Source: PTI
Anand Gupta Editor - EQ Int'l Media Network

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