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Published on March 31, 2014
The cabinet in its weekly meeting has approved a proposal of the Ministry of Industries for establishing the "Small, Micro and Cottage Industries Foundation".
Prime Minister Sheikh Hasina presided over the meeting held at Bangladesh Secretariat. Cabinet members, state ministers in charge of different ministries and concerned secretaries were present.
Briefing reporters after the meeting Cabinet Secretary M Musharraf Hossain said, the objective of the constitution of the foundation is to continue four completed poverty reduction projects in a new shape.
Four projects to amalgamated by the foundation are-women entrepreneurs development programme, small and cottage industries
project for self-employment, income generating project for poverty alleviation, and project for revitalization of rural economy through rural industries development.
The cabinet secretary said the initial capital of the foundation would be Taka 127 crore, out of which, Taka 50 crore will be given by the government as seed money while Taka 54 crore will come from the principal amount disbursed under the four projects and Taka 23 crore interests on the amount.
Musharraf Hossain said the government has taken the decision for establishment of the foundation as recommended by a cabinet committee headed by the finance minister.
He said the foundation will be a registered body of Joint Stock Company under the Ministry of Commerce and operate under a memorandum of association and articles of association with a
five-year business plan.
The foundation will give credit and financial support for establishing small, micro and cottage industries, poverty alleviation programmes, income generating activities, facilitate employment generation, support to innovation and transfer of new technologies and capacity building of the related personnel.
Today's cabinet also approved in principle the draft of Bangladesh Rural Development Academy Act 2014," aimed at revival of a law became defunct through a judgment of the Supreme Court declaring all ordinances promulgated by two past military regimes null and void.
Department of Rural Development and Cooperatives placed the draft of the act to the cabinet with some small modification of the ordinance of 1986 include in the areas of formation of the board of the academy.
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