The Public Accounts Committee (PAC) today identified several major concerns over the administration of the VT180 million Value Addition Investment Capital Fund during a public hearing.

Among the key findings raised were:
• The fund was not publicly advertised, limiting opportunities for eligible value-addition businesses to apply.
• Although 19 applications were reportedly received, only 11 were forwarded by the Board of Governors to the Pre-Screening Committee for assessment, raising questions about the selection process.
• The hearing also found that no site inspections were carried out to verify projects before funding was approved.

Following visits to several funded projects, PAC member Hon. Andrew Wilbur Napuat said the Committee was disappointed to find that some recipients who received public funding had not yet started their projects, describing the situation as a concern for the proper use of public funds.

The Pre-Screening Committee told the hearing that under the Value Addition Investment Regulation Order No. 133 of 2025, it only has the authority to recommend applications, while the Board of Governors is solely responsible for approving funding.