Southern African Development
Community (SADC) member
states would establish a
Regional Development Fund
to promote industrialisation
and fast-track infrastructure
development, said the new
chairperson the of SADC, Jacob
Zuma.
Speaking at the conclusion
of the SADC Summit in
Pretoria on Sunday, he said
infrastructure had been
identified as a key driver of
industrialisation but that
there was a lack of funding for
bankable projects from both
the public and private sectors.
“Currently, the nature
of funding or loans from
international cooperative
partners comes with restrictive
conditions. This needs to
change so that the region can
take the lead in mobilising
resources to fund its projects,”
said Zuma, highlighting the
need for SADC members
to integrate their markets
and work collectively on a
common trade growth and
industrialisation agenda.
CAPTION
Seen at the official opening of the Council of Ministers Meeting
ahead of the 37th SADC Summit last week is Prince Hlangusemphi,
minister of economic planning and development of the Kingdom
of Swaziland (seated left), King Mswati 111 of Swaziland (outgoing
SADC chair), and Maite Nkoana-Mashabane, SA minister of
international relations and cooperation. Photo: DIRCO
