Need for col­lab­o­ra­tion be­tween SAARC Devel­op­ment Fund (SDF) and SAARC Ar­bi­tra­tion Coun­cil rec­og­nized

Bhutan Times - - Home - Deki Lha­zom

In or­der to con­trib­ute to the eco­nomic devel­op­ment and so­cial progress of the SAARC re­gion SAARC Devel­op­ment Fund ( SDF) and SAARC Ar­bi­tra­tion Coun- cil rec­og­nized the need for col­lab­o­ra­tion to have syn­ergy of their skills, strengths and com­pe­ten­cies.

Thu­san­tha Wi­je­manna, Di­rec­tor Gen­eral, SAARC Ar­bi­tra­tion Coun­cil vis­ited SDF Sec­re­tariat to dis­cuss ar­eas of col­lab­o­ra­tion and to sign MoU with SAARC Devel­op­ment Fund last Tues­day in the cap­i­tal.

Dr. Su­nil Moti­wal, CEO, SDF con­firmed that both the or­ga­ni­za­tions have also agreed to uti­lize the ser­vices of SARCO Model Ar­bi­tra­tion Clause, as pro­vided in the SAARC Ar­bi­tra­tion Rules, for SDF project agree­ments/ other agree­ments as and when re­quired by SDF.

SAARC Ar­bi­tra­tion Coun­cil, Islamabad (SARCO) is one of the Spe­cial­ized Bod­ies of SAARC man­dated to pro­vide a le­gal frame­work/fo­rum within the re­gion for fair and ef­fi­cient set­tle­ment of com­mer­cial, in­dus­trial, trade, bank­ing, in­vest­ment and such other dis­putes, as may be re­ferred to it by the Mem­ber States and their peo­ple.

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 af­ter sign­ing MoU with Mr. Thu­san­tha Wi­je­manna, DG, SARCO

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