Co to run Tk 25b fund to be formed by June

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FE Report
The government is going to form a company by June to run a fund of Tk 25 billion to cater to the financing needs of entrepreneurs in the power-related projects.
The energy and mineral resources ministry at a meeting Wednesday decided to form the company amid growing power outage and demand.
"The meeting agreed upon the theoretical framework of the company and it will ask the Investment Corporation of Bangladesh (ICB) to prepare necessary paperwork for the formation of the firm," said Securities and Exchange Commission member Mohammad Yeasin Ali, who attended the meeting.
The meeting also discussed a report submitted earlier to the government to raise funds for the power sector. The report is prepared by a committee headed by Deputy Governor of Bangladesh Bank Ziaul Hasan Siddiqui.
"The meeting also asked the committee to study the report further and prepare an in-depth report on the fund by April 15," Mr Ali said.
The energy ministry would seek Tk 15 billion from the finance ministry as seed money to form the company and another Tk 10 billion would be raised from mainly non-resident Bangladeshis (NRBs), he said.
The committee would find out ways how the NRBs can take part in the fund and what would be their returns, he added.
ICB General Manager Mohammad Iftikhar-uz-zaman said a presentation will be made for the finance minister about the company.
"The seed money of Tk 15 billion will come from Tk 25 billion public-private partnership (PPP) fund earmarked in the current budget and it needs to be approved by the finance ministry," he said.
The committee in its report said it will be a general pool of PPP funds operated under a company and it will be used in projects on equity or debt basis