Cabinet okays formation of Small Industries Foundation

March 31, 2014

The Cabinet on Monday approved a proposal to form ‘Small, Micro and Cottage Industries Foundation’ to operate four completed projects under the BSCIC for facilitating new employments and skill development, reports UNB. The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the four completed BSCIC projects are related to poverty alleviation.
These are Women Industry Entrepreneur Development Programme; Self Employment Project through Small and Cottage Industries; Poverty Alleviating Project through Income Generating Activities; and Boosting of Rural Economy Project through Development of Rural Industries.
He said the objectives of the Foundation would be providing credit and other assistance to the target group; facilitating income generation activities and new employment opportunities; and facilitating the innovation and transfer of new technologies, capacity building and skill development for contributing to the country’s economic development.
Initially, the Finance Division will provide Tk 50 crore to the Foundation while Tk 77 crore of the four finished projects including interests would be added to the fund of the Foundation, raising the overall seed money or capital of the Foundation to Tk 127 crore.
The Cabinet Secretary said that after two years, there will be a third party audit and the Finance Division may come up with additional fund if the audit report is found satisfactory.
The day’s Cabinet meeting also approved in principle the draft of the ‘Bangladesh Rural Development Academy Bill, 2014′ making some minor changes in the existing law.
According to the verdict of the higher court, all acts and ordinances enacted and promulgated during the two military rules are null and void.
The proposed changes include addition of some definitions, recasting the Managing Board with the inclusion of the Ministry of Fisheries and Livestock Secretary, making the concerned Minister, State Minister or Deputy Minister the chairman of the Board while the concerned Secretary will be its vice chairman.
Two board meetings will be held in a year instead of three board meetings, added the Cabinet Secretary.
The Cabinet, however, directed the Rural Development and Cooperatives Division to resubmit the draft of the ‘Bangladesh Rural Development Board Bill, 2014,’ after further reviewing it in the light of the Cabinet directives.
Replying to a question on the Toll Policy 2014, approved in the last Cabinet meeting, Musharraf said such a policy could not be implemented overnight while the concerned Communication Ministry might implement it as per their convenience after updating the necessary infrastructures.
Ministers and concerned State Ministers attended the meeting while concerned Secretaries were present.

-Input from New Age Online

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