The fund will be regulated by a body named National Skill Development Authority. The approval was given in a regular cabinet meeting held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair on Monday.
Briefing reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said the proposed authority will work under the Prime Minister's Office (PMO) and coordinate all the functions for developing skilled manpower.
The draft of the Cost and Management Accountants Act 2016 was also approved in principle by the cabinet.
As per the draft, three new clauses have been added, keeping the provision of punishment for the violators of the law.
Alam said: “Imprisonment for six months and monetary penalty of maximum Tk3 lakh will be slapped on people using the name of the Institute of Cost and Management Accountants of Bangladesh fraudulently."