Cabinet to form sovereign wealth fund

The government has decided to form a Sovereign Wealth Fund starting with US $ 2 billion – which it can use to execute public-interest projects.

Cabinet Secretary M Shafiul Alam said initiatives to form a law and framework of the fund and its expenditure will be taken soon.

He added that the fund, which will start out with US $ 2 billion, is expected to be US $ 10 billion in five years and can be used for projects.

The decision was taken in today’s regular cabinet meeting chaired by Prime Minister Sheikh Hasina.

The Cabinet in principle also approved the draft of a law concerning use of underground water management for agricultural purposes that proposes extended punishment for offenders.

Bangladesh’s legal structures against money laundering were also discussed.