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SAARC Bank in terms of BRICS bank
SAARC Bank in Terms of BRICS Bank. After the BRICS bank, Narendra Modi lead NDA government is looking forward to start the same initiative with the SAARC nations.
New Delhi: After the BRICS bank, Narendra Modi lead NDA government is looking forward to start the same initiative with the SAARC nations. India will put forward the proposal for the SAARC Development Bank at the regional grouping's ministerial council in Bhutan starting this Thursday. With long term, the South Asia Development Bank will help in making smooth progress of regional integration of funding the infrastructure and provide seed capital for intra nation trade. The final decision will be made in accordance with the associated nations.
A SAARC Development Fund (SDF) is already incorporated with a paid-up capital of $300 million. SDF provides monetary assistance to the social sector and infrastructure projects with India contributing $189 million. As a part of recommendations for the SAARC summit to be held in Nepal in November, India is set to propose that the SDF can either become a part of the new bank, or it can focus entirely on the social sector. The proposed South Asia Development Bank will boost the economies of the eight SAARC nations — Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
