Financial Times

Colombo hosts next SADF conference
NDB bank, the Sri Lanka representative of the South Asian Development Fund (SADF), will be hosting its 9th conference in Colombo tomorrow.

The conference on October 10 will have all 14 members of the governing board consisting of seven representatives from the seven development finance institutions from the member states as well as the seven representatives from the national focal points. Key issues to be discussed at the conference will be the setting up of a permanent secretariat and the preparation of the Charter and By-Laws for the operations of SADF.

Other areas that will be taken up for discussion at the meeting would be the delegation of authority to an executive board which will in turn take decision sexpeditiously with regard to approvals of project ideas and appointment of consultants and final study.

NDB bank was appointed as the Sri Lanka representative of the SADF in 1996.
Nihal Welikala, Chief Executive Officer of NDB bank is the Governing Board member representing NDB. A.L Somaratne, Vice President of SME and SME Development at NDB bank is the Alternate Member of the SADF.

Somaratne said that SADF funds feasibility studies to identify commercially viable development projects in the SAARC region. So far only 17 feasibility studies have been carried out within the SAARC region while 16 of these reports have already been completed. NDB bank will take over the presidency of the SADF in 2006 with the CEO of the NDB bank becoming the next chairman.

“With the Chairmanship coming to Sri Lanka next year, we hope to make a difference by helping our people to conduct feasibility studies for various projects. We have so many opportunities with regard to Agriculture, Fisheries, Vegetables and Power generation which are yet to be tapped,” Somaratne said.

The South Asian Development Fund (SADF), under the SAARC umbrella was founded in 1996 with a pledge to support industrial development, fight poverty alleviation, to protect the environment, and to promote institutional and human resource development as well as social and infrastructure development projects.

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