The Southern African Development Community (SADC) is moving closer to operationalising its Development Fund, aimed at boosting regional self-sufficiency and reducing reliance on foreign aid.
So far, only nine member states have signed the agreement to establish the fund. Among them, Angola and Zimbabwe have already deposited their instruments, while Namibia is reported to be in the advanced stages of completing the process.
SADC Executive Secretary Elias Magosi shared the update during the official opening of the 45th SADC Summit currently taking place in Antananarivo, Madagascar. Namibian President Netumbo Nandi-Ndaitwah is among the leaders attending the summit.
Magosi highlighted that the Development Fund remains a vital instrument for strengthening regional integration and financing sustainable development initiatives across member states.
The Southern African Development Community, established in 1992 and headquartered in Gaborone, Botswana, is a regional bloc of 16 member states. Its mandate focuses on promoting socio-economic development, peace, security, and deeper integration within the region.
