Proposal to set up SMCIF okayed

The Cabinet on Monday approved a proposal of the Industries Ministry to form ‘Small, Micro and Cottage Industries Foundation’ to operate four completed projects under the BSCIC for facilitating new employments and skill development. 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 all relating 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 are 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 500 million (50 crore) to the Foundation while Tk 770 million (77 crore) of the four finished projects including interest would be added to the fund of the Foundation, raising the overall seed money or capital of the Foundation to Tk 1,270 million. 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 UNB.