Asian Infrastructure Investment Bank & SAARC Development Fund have agreed to co-finance infrastructure projects in the SAARC Region
March 29, 2016Beijing: Dr. Sunil Motiwal , Chief Executive Officer, SAARC Development Fund has confirmed that Asian Infrastructure Investment Bank (AIIB) has agreed to co-finance projects and programs along with SDF especially in the areas of rural energy , transport and ICT connectivity projects in terms of up -gradation of infrastructure and to enhance regional connectivity in SAARC Member States. AIIB may also consider SDF as their custodian of funds for the SAARC region.
Dr. Motiwal met Mr. Liqun Jin, President, AIIB and senior officials of AIIB on March 29, 2016 at AIIB office in Beijing, China in order to discuss formulation of strategies and action plan for the strategic growth of SAARC Member States.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. The bank has 31 member states (all “Founding Members”) and was proposed as an initiative by the government of China. The capital of the bank is $100 billion.
SDF was established by the eight SAARC Member States in April 2010 to promote the welfare of the people of SAARC region, improve their quality of life, and to accelerate economic growth, social progress and poverty alleviation in the region. The Fund is to serve as the umbrella financial institution for SAARC projects and programs which are in fulfillment of the objectives of the SAARC Charter. SDF has three funding windows viz. Social, Economic and Infrastructure.
Dr. Sunil Motiwal, CEO, SDF with Mr. Liqun Jin, President of AIIB and other senior officials of AIIB