The Pakistan Startup Fund has been launched with an allocation of Rs2 billion, aimed at accelerating venture capital investment in Pakistan, according to Federal Minister for Information Technology, Dr. Omar Saif.
Speaking at an event on Tuesday, Dr. Omar Saif stated that the government of Pakistan has earmarked Rs2 billion for the Pakistan Startup Fund, with the objective of expediting venture capital investment in the country.
The fund aims to provide financial assistance to startups.
Addressing the gathering on Tuesday, Dr. Omar Saif mentioned that through the Startup Fund, each startup will receive 30% assistance, while venture capitalists will contribute 70% of the capital.
He further stated that the Startup Fund will play a crucial role in Pakistan's economic development, and the Ministry of IT is actively working to provide facilities to startups.
Dr. Omar Saif highlighted ongoing initiatives for the improvement of the IT sector.
The federal minister mentioned that in the past four years, approximately $800 million in foreign investment has been made in Pakistani startups.
More than eight National Innovation Centers in the country are currently supporting startups, with over four thousand startups operating at present.
