Abang Johari (centre) cutting the cake in conjunction with DBOS’ 5th anniversary. – Penerangan photo
KUCHING (Oct 29): The proposed establishment of Sarawak’s very own sovereign wealth fund will be beneficial to the state, especially in generating excess funds for ‘rainy days’.
Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the fund, which is expected to be tabled at the Sarawak state assembly sitting next month, will also be professionally managed.
He said the fund will also be looking at providing free and quality education to Sarawakians and to send the state’s young talent to world renowned universities to pursue knowledge and skills.
“These talents are important and I expect them to be ‘smart and agile’, as well as be able to tell us what to do and contribute to the state’s advancement and long-term sustainability,” he said in his speech during the Development Bank of Sarawak’s (DBOS) 5th anniversary dinner here, tonight.
Abang Johari said the state government have also sent teams to Norway, Singapore and London to study the best possible model to run the wealth fund.
“Our wealth fund will be based on the ‘Santiago Principles’ and it will be professionally managed by a board of directors from different professions and backgrounds,” he said.
Meanwhile, Abang Johari said DBOS was incorporated in May 2017, four months after he assumed office in Jan 2017.
He said DBOS was launched with a paid-up capital of RM500 million from the state’s reserve fund and given the mandate to fund strategic infrastructure projects under the State Transformation Plan.
“Sarawak has a huge land mass and to meet its development agenda would require huge capital investment. Sarawak needs to be in control of its development and not left for others to work it out for us,” he added. – Bernama