Finance ministers of South Asian Association of Regional Cooperation
(SAARC) countries are likely to review the plan of forming SAARC
Development Bank in the seventh SAARC Finance Ministers’ Meeting to be
held in Kathmandu on Thursday.
Finance Secretary Suman Prasad Sharma told media persons on Tuesday that the plan to set up SAARC Development Bank to finance infrastructures projects in SAARC region is likely to be put on hold for some time as banks of similar nature like Asian Infrastructure Investment Bank and BRICS Development Bank have already been formed.
SAARC Development Bank will be one of the agendas for the meeting. Other agendas for discussion include allowing greater flow of financial capital and intra-regional long-term investment or SAARCFINANCE, common currency among SAARC member countries as well as matter of loan financing for infrastructure projects through SAARC Development Fund.“The meeting will also hold discussion on the need to harmonize investment-related laws among the member countries to minimize policy gaps and differences for greater flow of investment,” Sharma added. He also said the meeting will review the past decisions.
The proposal for SAARCFINANCE has already been prepared and will be discussed in the meeting, according to finance ministry officials.
Madhu Marasini, joint secretary of Ministry of Finance, said loan financing for infrastructure projects by mobilizing SAARC Development Fund could be the next expected move.
The 18th SAARC Summit held in Kathmandu had paved the way for issuing loans in addition to the existing practice of providing grants to member countries. Likewise, the meeting will also review the decisions of the sixth Finance Minister’s Meeting held in Colombo in 2013. A technical meeting of Finance Secretaries of SAARC will be held on Wednesday.
Prime Minister Sushil Koirala will inaugurate the meeting to be held in Soaltee Crowne Plaza. SAARC Finance Ministers are expected to arrive in Kathmandu by Wednesday.
Officials also believe the largest international event that Nepal is hosting after the International Conference on National Reconstruction (ICNR) will also disseminate positive message about Nepal and help to bring more tourists to the country.
source:republica,19 august 2015
LINK
Finance Secretary Suman Prasad Sharma told media persons on Tuesday that the plan to set up SAARC Development Bank to finance infrastructures projects in SAARC region is likely to be put on hold for some time as banks of similar nature like Asian Infrastructure Investment Bank and BRICS Development Bank have already been formed.
SAARC Development Bank will be one of the agendas for the meeting. Other agendas for discussion include allowing greater flow of financial capital and intra-regional long-term investment or SAARCFINANCE, common currency among SAARC member countries as well as matter of loan financing for infrastructure projects through SAARC Development Fund.“The meeting will also hold discussion on the need to harmonize investment-related laws among the member countries to minimize policy gaps and differences for greater flow of investment,” Sharma added. He also said the meeting will review the past decisions.
The proposal for SAARCFINANCE has already been prepared and will be discussed in the meeting, according to finance ministry officials.
Madhu Marasini, joint secretary of Ministry of Finance, said loan financing for infrastructure projects by mobilizing SAARC Development Fund could be the next expected move.
The 18th SAARC Summit held in Kathmandu had paved the way for issuing loans in addition to the existing practice of providing grants to member countries. Likewise, the meeting will also review the decisions of the sixth Finance Minister’s Meeting held in Colombo in 2013. A technical meeting of Finance Secretaries of SAARC will be held on Wednesday.
Prime Minister Sushil Koirala will inaugurate the meeting to be held in Soaltee Crowne Plaza. SAARC Finance Ministers are expected to arrive in Kathmandu by Wednesday.
Officials also believe the largest international event that Nepal is hosting after the International Conference on National Reconstruction (ICNR) will also disseminate positive message about Nepal and help to bring more tourists to the country.
source:republica,19 august 2015
LINK
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