The information was advanced by the Secretary of State for Foreign Affairs, Domingos Vieira Lopes, in the presentation to the National Assembly of the report on the reasoning of the Draft Resolution for the Ratification of the Operationalization Agreement of the SADC Regional Development Fund.
The Secretary of State clarified that the Operationalization Agreement adopted by the organization's Heads of State and Government aims to reduce the dependence on financial support from international cooperation partners, to promote economic growth and social development in the region.
The Regional Development Fund will have an initial share capital of US $ 13 billion, with 51 per cent reserved for Member States, 37 per cent for the regional private sector and 12 per cent for international cooperation partners.
The subscription capital, in the form of shares, is valued at USD 1200 million, each share being worth USD 10,000.
The Fund's pioneering members' subscription for the initial commitments is estimated at $ 120 million, adds a government statement to which VerAngola tee has access.
Domingos Vieira Lopes said that Angola should prepare and present concrete projects and programs, in order to take greater advantage of the advantages that this fund represents.
The FDR-SADC will also allow greater mobilization of financial resources in the regional market, for the development and implementation of priority plans and projects at the national, sub-regional or regional level.
Likewise, it will serve as an instrument to support Member States in situations of political, financial, health and other crises, thus avoiding interference by the international community in the organization's affairs.
The Secretary of State for Foreign Affairs regretted the fact that African organizations live only on donations from international cooperation partners, who end up dictating where the funds should be allocated, regardless of whether they serve the organization's interests.
"Countries have to participate, if they want to make concrete progress in their development. They have to participate financially, otherwise no project will have the capacity to succeed," he added.
The structure of the SADC Regional Development Fund consists of a Board of Governors, Board of Directors, Committee of the Board of Directors and an executive director.
The Board of Governors, as an organizational structure, is the governing body of the FDR-SADC and includes a representative from each member state. The Board of Directors is made up of seven members, two of whom hold political positions.
The Draft Resolution for the Ratification of the SADC Regional Development Fund Operational Agreement was approved by the National Assembly with 171 votes in favor, none against and no abstentions.
