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Relationship with the SADC Secretariat
The SADC Committee of Ministers responsible for Finance & Investment (COMFI) is a permanent committee of the Integrated Committee of Ministers (ICM) which reports through to the SADC Council of Ministers (See Figure 1 below). COMFI is supported by the Senior Treasury Officials and the Committee of Central Bank Governors.
The DFI Subcommittee, which is comprised of all national DFIs in SADC member countries, is a subcommittee of the Senior Treasury Officials of SADC, and reports through them to COMFI.
The DFIs, through the DFRC, enjoy a functional relationship with the SADC Secretariat. Their main interface is through the Directorate for Finance, Investment and Customs. However, strong operational links are being developed with the Infrastructure & Services and Food, Agriculture & Natural Resources Directorates (FANR).
While all members of the Network are members of the DFI Subcommittee, not all DFIs represented on the Subcommittee are members of the Network. The Network is comprised of those DFIs that have signed the May 2000 MOU, which establishes it as an institutional mechanism of SADC.
The aim of the Network is to co-operate to ensure availability of adequate developmental finance in SADC. Currently, 40 DFIs from 13 SADC countries have signed the MOU and are members of the Network. Two more members are expected to join by 2012.
The DFRC is ‘owned’ collectively by all the DFIs in SADC as an ‘industry-owned’ self-help organization. It provides the vehicle for supporting advisory and capacity building services to the Network and the finance sector. The DFRC is expected to facilitate, through the Network, the emergence of a new ‘internal market forces dynamic’
aimed at addressing regional development financing needs. By being pro-active, the DFRC acting on behalf of all its members is expected to nudge the region's development financing capacity, knowledge and skills base gradually towards the cutting edge of financial services delivery.