Cabinet has approved for Namibia to sign the agreement to operationalise the Southern African Development Community (Sadc) regional development fund.
The fund is aimed at creating a regional financing mechanism for economic development and sustainable growth in Sadc.
This was announced by information and communication technology minister Emma Theofelus on Thursday.
The decision was taken during the seventh Cabinet meeting.
“The rationale for Namibia to participate in the Sadc regional development fund is preambled in the Sadc 1992 treaty. Specifically, Article 26 (a) of the Sadc treaty, provides the establishment of a regional development fund with the objective to mobilise resources from member states,” she said.
She said it provides for development partners and the private sector to support regional development and deepen regional integration.
Cabinet further approved, in principle, the common guidelines that outline the National Youth Fund requested by the finance minister.
It has directed the finance ministry to review the guidelines before resubmission to the eighth Cabinet meeting for consideration and endorsement.
