The money is the first part of the RM3bil oil royalties promised by the Federal Government to the state government.
Much of the royalties will be banked into the proposed Terengganu Investment Authority (TIA), which will be launched by the middle of next year.
State Commerce, Industries and Environment committee chairman Toh Chin Yaw said the TIA would manage prudently the oil royalties for the benefit of the state and the people.
“We have to look into the finer details before setting up the TIA. We have to check the legal aspects and also agree on how to manage the fund successfully on a long-term basis,” he said yesterday.
Toh said the state government would study which areas the RM10bil TIA fund should be invested in so that it could benefit the state.
This, he noted, is for the future when Terengganu’s oil runs out. He said the establishment of TIA was discussed for some time after the Federal Government agreed to hand over the management of the oil royalties to the state government in May.
Toh was commenting on a report in a news portal that the state government would set up the TIA which would be run solely by professionals.
The report said the proposal for a sovereign wealth fund was put forward by the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin.
Under the TIA, the Sultan of Terengganu will be the chairman of the Board of Advisers. The Mentri Besar will also be represented on the board.
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