South Asia Regional Fund (SARF)

Investment in South Asia Regional Fund (SARF) To fccilitcte investments in SAARC member countries a development fund of US$ 200.0 million, namely, South Asia Regional Fund (SARF) was declared in the Commonwealth Summit held in 1 997. The fund is managed' by a wholly owned subsidiary of Commonwealth Development Corporation (CDC) incorporated in Mauritius. In addition, CDC has made equity investments to the tune of US$ 50.0 Million in this fund. The objective of the fund is to achieve long term benefits through direct equity and equity related investments in private sector companies of SAARC countries.

ICB mode investments of US$ 1.0 million in SARF from ICB Unit Fund, in exchange the SARF has issued 1000 Ordinary 'A' shares and 1000 Preference shares ((@ 8%) in favour of ICB Unit Fund. Up to 2003-04, 234 preference shares have been redeemed in full. After redemption of 234 preference shares, the net balance of these investments stood at US$ 0.77 million as on 30 June 2004 which includes 1000 ordinary "A" shares and 8% preference shares nf 7AA nnq