Agreement: The SAARC Development Fund (SDF) has signed a Memorandum of Understanding (MoU) with the SAARC Arbitration Council (SARCO) to synergise the skills, strengths and competencies of the two agencies, yesterday. This is expected to contribute towards the economic development and social progress of the region.
The director general of the SAARC Arbitration Council, Thusantha Wijemanna, visited the SDF Secretariat to discuss areas of collaboration and to sign the MoU.
The CEO of SDF (Dr) Sunil Motiwal said the two organisations have also agreed to use the SAARC Arbitration Rules for SDF project agreements and other agreements as and when required by SDF.
The SAARC Arbitration Council, based in Islamabad is one of the specialized bodies of SAARC mandated to provide a legal framework within the region for fair and efficient settlement of commercial, industrial, trade, banking, investment and such other disputes.