The Southern African Development Community (SADC) is partnering with the African Development Bank (AfDB) to explore options for the operationalization of a proposed Regional Development Fund (RDF) aimed at financing regional programs.
Speaking at the SADC Council of Ministers meeting in Harare on Tuesday, SADC Executive Secretary Elias Magosi announced that the AfDB is assisting in developing strategies for mobilizing resources for the RDF. The fund is designed to create a pool of locally raised funds to support SADC projects and initiatives.
“With support from the African Development Bank, we have developed a Discussion Paper on the Regional Development Fund, which outlines options and recommendations for the Fund’s operationalization,” Magosi stated. He emphasized that finance and investment officials from the 16 SADC member states will soon convene a dedicated session to discuss the paper and provide concrete proposals to move the initiative forward.
Magosi expressed concern over the slow progress in ratifying the Agreement on the Operationalization of the SADC Regional Development Fund. Currently, Angola is the only member state that has ratified the agreement, with Zimbabwe nearing completion of its ratification process. Zambia and the Democratic Republic of Congo have also committed to ratifying the agreement soon.
The RDF agreement, which was adopted in Tanzania in 2019, requires ratification by at least two-thirds of SADC member states to become binding. Magosi urged member states to expedite the ratification process to ensure the successful establishment of the fund.
The SADC Council of Ministers meeting continues in Harare as regional leaders discuss various issues crucial to the development and integration of Southern Africa.