The overall purpose of the Fund is to create a regional financing mechanism for economic development and sustainable growth in SADC. In order to give effect to its purpose, the Fund may have the following windows: (a) infrastructure development; (b) industrial development; (c) integration and economic adjustment; and (d) social development. The Fund is to be operationalised in two distinct phases: first Phase 1 and, subsequently, Phase 2. The nature of each phase is described in Annex 3 to this Agreement. The operationalisation of Phase 1 will commence on the date upon which this Agreement enters into force in accordance with the provisions of Article 53. The timing of the operationalisation of Phase 2 will be determined by the Board of Governors by means of a Special Resolution.
2016-08-31