The SAARC Development Fund (SDF) has invited grant proposals from its member countries for projects aimed at mitigating impacts of the coronavirus pandemic, according to officials.
Public and non-governmental organisations (NGOs) under eight members of the South Asian Association for Regional Cooperation (SAARC) are eligible to seek funds from this emergency response initiative.
The projects will be funded by the SDF under its 'Social Window' thematic areas where priority will be given to health thematic cluster.
The SDF initiates fund support to SAARC member states in their efforts towards responding to the COVID-19 disease, it said in a call for grant proposals.
It also aims to protect the people of SAARC member states by mitigating financial losses and severe socio-economic impacts of this superbug.
The grant will be utilised to address fund shortages to mitigate socio-economic impacts on the vulnerable population of the member states, the SDF said.
Any projects submitted for grants have to have the participation of implementing agencies from at least three or more SAARC countries to get approval.
Under its thematic areas, the SDF finances projects on poverty alleviation, social development focusing on education, health and human resources development.
It also supports vulnerable/disadvantaged segments of society, funds needs of communities, micro-enterprises and rural infrastructure development.
After the SDF's invitation on Monday, the Bangladesh ministry of finance has informed the agencies concerned to submit their proposals immediately.
Contacted, a senior official of the ministry said the severity of coronavirus will weaken the financial strength of many countries, particularly the poor and developing nations.
A prolonged economic recession is expected to hit the entire world in the aftermath of this pandemic, he told the FE.
"Every possible initiative has to be explored to counter the economic losses (which are) already incurred and about to hit," the official continued.
He said funds from the SDF will help SAARC states mitigate losses to some extent, but the inter-governmental agencies need to come up with further large-scale funds.
Earlier on March 15, the heads of SAARC member states formed a COVID-19 emergency fund proposed by Indian Prime Minister Narendra Modi through videoconferencing.
India committed $10 million, Bangladesh $1.5 million, Afghanistan $1.0 million, the Maldives $2.0 million, Nepal $1.0 million, Sri Lanka $5.0 million and Bhutan $0.1 million to the virus fund.
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