The Cabinet on Monday approved the draft of a joint venture agreement between Bangladesh's state-owned Rural Power Company Ltd and Norinco International China to build two power plants to produce 1320 mw electricity, reports BSS.
The approval was given in the regular meeting of the cabinet with Prime Minister Sheikh Hasina in the chair at the PMO.
"The plants are set to be constructed at Paira Port area in Patuakhali," Cabinet Secretary M Shafiul Alam told a media briefing at Bangladesh Secretariat conveying the cabinet decisions.
He said the cabinet also approved the related Memorandum of association and Article of Association of the joint venture company to be developed with equal amount of capital for the purpose.
The company, Alam said, would have an authorized capital of Taka 40 crore and value of the each ordinary share will be Taka 100 while the paid up capital of the company will be Taka 20 crore.
The operational procedure of the power plant will be ascertained in line with the law of Bangladesh while any arbitrational issues will be resolved through the Rules of Singapore Arbitrational Center.
The cabinet, Alam said, today given final approval to the draft of the Wage Earners Board Act, 2017 which would replace the existing Wage Earners Welfare Rules, 2002 for conducting the activities of the Wage Earners Welfare
"The new (draft) law clearly defined the term 'migrant' and 'migrant worker' saying all migrants and migrant workers would be considered as expatriate nationals," he said.
Alam said the a 16 member committee headed by the Secretary of the Ministry of Expatriate Welfare and Overseas Employment would comprise the Wage Earners Board for a three-year tenure.