CS to head Public Investment Fund Steering Committee

ARUSHA: The Office of Treasury Registrar has revealed that the proposed Public Investment Fund under the Public Investment Authority will be overseen by a Steering Committee that will be chaired by the seating Chief Secretary.

Treasury Registrar, Mr. Nehemiah Mchechu told delegates of Chairperson and Chief Executive Officers who were attending the just concluded three-day working session in Arusha. He said the state has okayed transforming the Office of the Treasury Registrar to Public Investment Authority in which for the first time it will operate a Public Investment Fund.

The Public Investment Fund is a latest proposal targeting to boost cash-strapped State-owned enterprises to get back into the league. Other members of the committee include the Treasury Registrar (secretary), Permanent Secretary Ministry of Finance, Permanent Secretary Ministry of Investment and Planning, Permanent Secretary Office of the Prime Minister, Attorney General, Executive Secretary Planning Commission and two others who will be appointed on merits of their business and investment backgrounds.

“There will be a special investment guide that will classify parameters of investment. There will also be monitoring of the investment and the Fund’s operation,” Mr Mchechu said at the meeting in Arusha.

The Fund will also be setting up investment rates for organizations to facilitate the classification or limit of borrowing. The final decision, however, will be made by the cabinet of ministers.

“The borrowing process for funds is easy… it’s like a cycle,” Mchechu said, explaining that state owned firms will need to have a bankable investment project to think of seeking funds from the Public Investment Fund.

“The TR will review the project idea and forward the best to the Steering Committee for further scrutiny. The idea will then go through the Inter-Ministerial Technical Committee and finally the cabinet for approval,” he said. “If the idea is approved the Fund will be released to the entity for execution.”

The Treasury Registrar said his office has so far allocated 1.3trn/- to start the fund, however, 100bn/- have already been released to public institutions to implement various investment projects.

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