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Development fund: SAARC ministers finalise road map

Nirupama Subramanian

To finance poverty alleviation and infrastructure development projects

ISLAMABAD: The first formal meeting of the finance ministers of the SAARCon Tuesday finalised a road map for a regional development fund.

The meeting, at which Minister of State for Finance Pawan Kumar Bansal represented India, drew up the modalities for operationalising the SAARC Development Fund, officials associated with the meeting said.

The fund, which is to begin with an initial corpus of $300 million, will finance projects for poverty alleviation and infrastructure development. India is to contribute $100 million to this corpus. To be eligible for the fund, each project must find acceptance in at least two member-states.

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