The Sonali Bank Limited, a state-owned commercial bank, will provide Tk 2.0 billion for the Bangladesh Fund (BF), a proposed open-ended mutual fund to salvage the troubled stock market.

The fund was approved at its 186th board meeting of the bank on Monday in Dhaka.

With Kazi Baharul Islam, chairman of board of directors of the bank, in the chair, the meeting was attended by Sonali Bank Managing Director and CEO M Humayun Kabir and the board of directors.

Earlier, the state owned institutions took an initiative to form a fund to improve the situation of capital market in the country. As part of its initiative, the Investment Corporation of Bangladesh (ICB), the major sponsor of the BF, approved Tk 5 billion for the Fund on March 6.

News: Daily Sun/ Bangladesh/ Mar-17-2011