Lanka to host SADF conference

NDB bank, Sri Lanka's representative of the South Asian Development Fund (SADF) will host their 9th conference in Colombo on October 10.

All 14 members of the governing board consisting of 7 representatives from the seven development finance institutions from the member states as well as the seven representatives from the national focal points, will participate.

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 decisions expeditiously 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.

"What we do at SADF is fund 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. 16 of these reports have already been completed. At the inception of the SADF, we had a capital of US $ 5 million.

However it is unfortunate that in Sri Lanka no one is coming forward to utilize this money appropriately by receiving funding for such feasibility projects," he said.

NDB bank's involvement with the SADF is key as Sri Lanka will be taking over the presidency of the SADF in 2006 and as such the CEO of the NDB bank will become the next Chairman.

"With the Chairmanship coming to Sri Lanka next year, we hope to make a difference by helping our entrepreneurs to conduct feasibility studies for various projects.

We have so many opportunities with regards to Agriculture, Fisheries, Vegetables and Power generation which are yet to be tapped", Somaratne said.

The South Asian Region generates one of lowest GDP incomes contributing only 2% of the world GDP. This region is the home for about 1.5 billion people representing around 25% of the world population.