Sarawak sets up RM8bil state fund

Quest for better living: Abang Johari (centre) arriving at the state legislative assembly complex. — ZULAZHAR SHEBLEE/The Star

KUCHING: The Sarawak Legislative Assembly has approved a Bill to set up a sovereign wealth fund for the state with an initial amount of RM8bil.

Sarawak Premier Tan Sri Abang Johari Tun Openg said the fund would enable the state to convert non-renewable assets to financial assets, invest for the future through forced savings, and secure the continued growth of financial reserves through diversified investments.