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Bangladesh moves forward on sovereign infrastructure fund

Critics warn of overlapping mandate with existing state-owned institution

Cabling work for Bangladesh's first subway system is underway in Dhaka. (Photo by A.Z.M. Anas)

DHAKA -- Bangladesh is moving to put $2 billion from its foreign reserves into a new sovereign wealth fund to finance infrastructure development, but experts fear political maneuvering may soak up public resources.

The government of Prime Minister Sheikh Hasina has endorsed a blueprint for the South Asian nation's first sovereign wealth fund to be seeded with $2 billion, and officials hope the fund will launch as early as July. Bangladesh has more than $32 billion in foreign reserves and has been considering a sovereign fund since 2015.

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