Online Reporter
Wallace Ruzvidzo in ANTANANARIVO, Madagascar
SADC needs US$625 billion to be able to implement priority projects outlined in the Regional Indicative Strategic Development Plan (RISDP 2020-2030), the bloc’s Executive Secretary, Mr Elias Magosi, has said.
The RISDP 2020-2030 and SADC Vision 2050 are two strategic plans that seek to further deepen Southern Africa’s regional integration and foster development.
They are both based on a firm foundation of peace, security and democratic governance and premised on three interrelated pillars; namely industrial development and market integration, infrastructure development in support of regional integration and social and human capital development.
The RISDP 2020-2030 operationalises the SADC Vision 2050, a long-term ambition by SADC that sets out the aspirations of the region until 2050.
Speaking at the SADC Council of Ministers meeting, which ends here today, Mr Magosi said of the US$625 billion, member States were only able to raise US$89 million, which is a drop in the ocean.
“To implement the priority projects outlined in the SADC Regional Indicative Strategic Development Plan, we require again an estimated US$624 billion, of which only $89 million comes from the member States,” he said.
Mr Magosi said the funding gap would be supported by development partners, while rallying member States to demonstrate that through unity, the region can produce results.
This, he added, would attract the much-needed funding from development partners.
“For me, to unlock these funding opportunities, we must demonstrate tangible results and showcase the impact of our collective efforts.
“The Secretariat always remains at your full disposal to provide the necessary support and recognising how accelerated regional integration requires substantial resources,” he said.
In line with the SADC Council of Ministers’ directives, the Secretariat has mobilised resources amounting to US$194 million from 2022 to date, with an additional US$12 million in the first four months of this financial year.
Mr Magosi said there was need for the region to take strategic action to reduce its dependence on exporting raw and unprocessed commodities.
“At the heart of SADC’s vision for regional integration and development lies our enduring commitment to industrialise, deepen regional integration, expand our market and to build a resilient and enduring community,” he said.
Mr Magosi said the Council of Ministers, which serves as a precursor to the 45th Summit of Heads of State set for Sunday, was an opportunity to reflect on the regional bloc’s performance in the last year, under Zimbabwe’s leadership.
He added that it was also an opportunity for SADC member States to reaffirm their commitment to the region’s growth and development.
“We are meeting this week to take stock of the last 12 months’ performance in implementing key regional initiatives, the associated successes, shortfalls, challenges and solutions to ensure that we continue in our shared path to regional prosperity.
“It is also an opportunity for us as a region to reaffirm our collective resolve to build a region that is peaceful, inclusive, competitive and industrialised, characterised by sustainable economic well-being, justice and freedom for all our citizens.
“Honourable Ministers, this reaffirmation for me is extremely important given all economic and existential challenges thrown at member States and the Secretariat, with some of us beginning to embrace doubt within ourselves about the continued value of solidarity and regionalism,” Mr Magosi said.
As the three-day Council of Ministers meeting comes to an end today, delegates will adopt the Record of the Council of Ministers.
