Sarawak passes bill to dissolve Infrastructure Development Trust Fund
When tabling the bill, Sarawak Deputy Premier Datuk Amar Douglas Uggah Embas said the main objective of the fund, which came into operation in June 1987, was to assist individuals, groups of developers, investors or private entities undertaking land development for housing, commercial or industrial purposes.
He said the establishment of the trust fund had helped alleviate the initial heavy capital outlays required for infrastructural development from developers involved in approved new development plans.
Uggah, who is also state minister for infrastructure and port development, said it also enabled developers to expedite implementation and ensure the smooth and cost-effective execution of approved development projects.
"In today's economic landscape, private developers are financially resilient and capable of undertaking development projects, with a high likelihood of securing financing from banks.
"Furthermore, over the years, the Sarawak government has significantly strengthened our fiscal capacity, and our budget governance has become more structured and strategic, enabling increased allocations for basic infrastructure development across Sarawak.
"Thus, retaining this trust fund is no longer relevant, as it has outlived its original purpose," he said, adding that all money in the trust fund, subject to the direction of the State Financial Secretary, will be transferred into the State Consolidated Fund.
A total of eight assembly members took part in the debate on the bill.
– Bernama
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