WINDHOEK, May 22 (Xinhua) -- Namibia's cabinet has approved the signing of an agreement to operationalize the Southern African Development Community (SADC) Regional Development Fund (RDF), a senior government official announced on Thursday.
Namibia's participation in the fund is expected to improve access to regional development financing and bolster broader efforts toward economic cooperation within the SADC bloc, Minister of Information and Communication Technology Emma Theofelus said in a statement.
"Article 26A of the SADC treaty provides for the establishment of the RDF with the objective to mobilize resources from member states, development partners, and the private sector to support regional development; and to deepen regional integration," she said.
The RDF, officially approved in 2017, is designed to address persistent financing gaps, especially in the early stages of project development, where many initiatives stall due to limited technical and financial support.
The fund is expected to play a key role in implementing SADC's infrastructure and industrialization strategies and fostering sustainable growth across the region. ■