DHAKA: The Finance Ministry sits Sunday to settle the regulations for disbursement of money from the `Climate Change Trust Fund`, fiduciary instituted for helping out victims of climatic calamity largely caused by global warming.

Meanwhile, the Cabinet approved the draft Climate Change Trust Act 2010 Thursday.   

“Finance ministry along with the Ministry of Forest and Environment officials will hold an inter-ministerial meeting Sunday,” an official source said.

The meeting will be chaired by finance minister AMA Muhith.

“The Climate Change Trust Fund Act 2010 will support managing a permanent fund for protecting life and property of the people from adverse effects of climate change,” Mihir Kanti Majumder, Secretary of the Ministry of Environment and Forest, told banglanews24.com.bd Friday.

The environment and forests ministry placed the draft in the weekly meeting of the cabinet held at the secretariat with Prime Minister Sheikh Hasina in the chair on Thursday.

“The climate change trust fund act 2010 will ensure transparency and accountability in operation of funds under various projects of the government and the non-governmental organizations,” Mihir Majumder said.

He said that the law, once enacted, would also give a legal cover to the already-formed trustee board to operate the climate funds.

Source said Tk 1400 crore has been allocated to the fund in last two budgets. To disburse funds and start projects quickly, the finance ministry has arranged the meeting for Sunday.

As per the new law, there is a 17-member trustee board that can allocate 66 per cent of the total funds against the projects, Mihir Kanti said.

The trustee board will be headed by the state minister for Environment and Forests. Among others, finance minister, agriculture minister, shipping minister, women and children affairs minister, foreign affairs minister, food minister, water resources minister and the cabinet secretary are the members.

BDST: 1945 HRS. JULY 30, 2010