DHAKA: The dormant development paradigm embodied in PPP got a boost as the government Thursday decided to turn Bangladesh Infrastructure Finance Fund (BIFF) into a company for attracting private investment into country’s infrastructure sectors.

With Prime Minister Sheikh Hasina in the chair, the cabinet in its weekly meeting approved a proposal of the Finance Department to this effect.

After the meeting, Prime minister`s press secretary Abul Kalam Azad disclosed the decision at a press briefing.

“Government effort is on to increase private investment through Private-Public Partnership (PPP) especially for energy, power and transportation sectors,” Azad told reporters at the press meet.

The authorized capital of the development company would be Tk 10,000 crore with Tk 1600 crore as paid-up capital. An amount of Tk 1600 crore has already been allocated for the Fund for FY 2010-11, he informed the reporters.

“Besides, the cabinet meeting approved the drafts of the Climate Change Trust Act 2010 and the Administrative Tribunal (Amendment) Act 2010,” the press secretary said.

He said that for saving people and their earnings from the adverse effects of climate change the cabinet approved the fund.

Earlier, the government formed the Climate Change Fund on July 24 this year.

BDST: 1845 HRS. JULY 29, 2010.