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Namibia budgets 540,000 USD for SADC fund

Xinhua, October 21, 2016 Adjust font size:

Namibia has decided to provide 7.5 million Namibia dollars (about 540,000 U.S. dollars) for the Southern African Development Community (SADC) Regional Development Fund.

The fund is a financial mechanism intended to mobilize resources from member states, the private sector and development partners to finance programs and projects to deepen regional integration.

The money will be used for industrial development, infrastructure development, economic and integration adjustment, and social development.

According to minutes of the SADC 36th Ordinary Session held in Swaziland, Sept. 2016, all the members states will be required to contribute to the Seed Capital of the fund to the tune of 120 million dollars for the next three years from 2017/2018.

Cabinet minutes seen by Xinhua Thursday show that finance minister Calle Schlettwein was ordered to make budgetary provision of 7.5 million Namibian dollars that will be paid in three installments of 2.5 million Namibian dollars (about 180, 000 dollars) from 2019.

The finance ministry was also ordered to facilitate the signing of the agreement on the operationalization of the fund. Enditem