The government decided to form a foundation to continue the work of four expired projects under the Bangladesh Small and Cottage Industries Corporation.
Emerging from a meeting with BSCIC officials, finance minister AMA Muhith on Wednesday told the reporters that the foundation would be formed under the Companies Act 1994.
The projects are poverty alleviation through income generation programmes, self-employment through small and cottage industries, women entrepreneurship development programme and revitalization of the rural economy through development of rural industries.
The projects were for promotion and extension of small and cottage industries through providing credit facilities with the help of banks and other financial institutions.
Muhith said that the government would give the foundation seed money for the payment of all dues owed to 511 employees of the projects and for resuming their work under the foundation.
The government offered Tk 23 crore as seed money while the BSCIC officials demanded Tk 60 crore.
BSCIC chairman Fakhrul Islam told the reporters that there was money amounting to Tk 77 crore circulating under these four projects.
Earlier, the Cabinet Committee on Economic Affairs rejected a proposal to form a company by enacting a new law.
'So we have decided
to form a foundation
under the Companies Act,' said Muhith.
Source : New Age
