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The Mahapola Trust Fund has floated a new fund management company for better utilisation o financial resources and for future diversifications.

The Director General Mahapola, Shamila Perera said that the new company was a proposal of Commerce and Consumer Affairs Minister Ravi Karunanayake and it will manage the investment of funds under the Mahapola Board of trust, which was split into the Mahapola Treasury Division and Mahapola Board Of Management last year for scholarships and other activities of the fund.

Under the reforms, the Treasury division looks after the scholarship activities and the Mahapola Board of Management, a new organisation established to manage a wide range of activates including skills development, vocational training, school development and the Mahapola trade fair conducted by the Trade Ministry.

The Mahapola Trust Fund was set up in 1981 by an Act of Parliament to administer the Mahapola scholarships for university students and to conduct various projects for the benefit of youth, students and the academic community.

At present, the fund provides about 7,000 to 8,000 undergraduate scholarships per annum, which is more than 80 % of the annual university intake.

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