Press briefing of Cabinet Decision taken on 2018-08-28

Formalization of investments of the Mahapola Higher Education Scholarship Trust Fund

- The objective of the Mahapola Higher Education Scholarship Trust Fund is to create higher education opportunities for underprivileged youth and provide facilities and enhance them in respect of same. The National Wealth Cooperation Limited and the National Wealth Securities Limited established under the full ownership of the Mahapola Fund make investments on strengthening the Mahapola Main Fund. In view of the negative impact caused to the Mahapola Fund due to the activities of the said companies and to regularize the investments of the said Fund, the proposal made by Hon. (Dr.) Wijayadasa Rajapaksa, the Minister of Higher Education & Cultural Affairs, to liquidate the said companies and invest all the funds belonging to the Mahapola Higher Education Scholarship Trust Fund, only in state banks and Central bank bonds, was approved by the Cabinet.