Member's Area
Indian Ocean Rim Association
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Special Fund

BACKGROUND

The Special Fund was established in 2008 as a financial mechanism for supporting and complementing the funding of Projects and Programmes adopted by the Association.

The mission of the Special Fund is to contribute to the Association's objectives through the provision of funds and to assist members in their fund-raising for the feasibility study as well as the implementation of approved projects.

OBJECTIVES

The principal objectives of the Special Fund would be:-

  • to assist with the provision of funds needed for the preparation and implementation of projects and programmes;
  • to support technical assistance for preparation and/or implementation of projects;
  • to assist Member States with pre-feasibility and feasibility project studies.

 

CONTRIBUTIONS TO THE SPECIAL FUND

The High Level Task Force recommended the sources from where the Special Fund can accept financial contributions.  The recommendations were adopted by the fourth Meeting of the Council of Ministers, held at Colombo, Sri Lanka in 2002.  According to HLTF, "the Special Fund could draw upon the voluntary contributions of IORA Member States, Dialogue Partners and Observers, International Organisations (including UN Funds and Programmes), Private Sector, other interested partners such as NGO's for the implementation of approved IORA projects and programmes.  Sources of non-member funding would require prior approval of the Committee of Senior Officials (CSO) /Council of Ministers (COM)."

 

Voluntary Contribution:

Member States

India April 2006 $  50, 000
Sultanate of Oman October 2006 $  50, 000
Islamic Republic of Iran February 2007 $  75, 063
Yemen June 2009 $  25, 000
India July 2012 $ 1 Million
South Africa April 2013 $    5, 000
UAE July 2013 $ 500, 000
Australia September 2013 $    7, 985

 

Dialogue Partner

China July 2011 $ 100, 000
China November 2012 $ 100, 000

 

Used Contribution:

Tourism Feasibility Study May 2009 $ 25, 000
Fisheries Support Unit (FSU) May 2009 $ 30, 000
RCSTT (Establishment) December 2010 $ 25, 000
Tsunami June 2011 $ 20, 000
RCSTT (Events) December 2012 $ 50, 000
Institutional Mechanism for promoting Intra-Regional Investment & Trade March 2013 $ 15, 000