KUCHING: The Sarawak Legislative Assembly has approved a Bill to set up a sovereign wealth fund for the state with an initial amount of RM8bil.
Sarawak Premier Tan Sri Abang Johari Tun Openg said the fund would enable the state to convert non-renewable assets to financial assets, invest for the future through forced savings, and secure the continued growth of financial reserves through diversified investments.
He said the initial amount would be RM8bil, followed by annual appropriations of RM300mil in the second to fifth year, RM550mil annually in the sixth to 10th year, and RM650mil annually in the 11th to 20th year. Abang Johari also said excess income from the fund would be transferred to an endowment fund account, which would then be used for Sarawakians’ education in tertiary institutions, improving Sarawakians’ standard of living based on socioeconomic needs, and developing Sarawkians’ talents, expertise and entrepreneurial skills.
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