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Launch of Rs. 2 Billion Pakistan Startup Fund by IT Minister

Discover the launch of the Rs. 2 billion Pakistan Startup Fund by Dr. Umar Saif, Caretaker IT Minister. Empowering startups with financial support, the fund aims to boost Pakistan’s tech ecosystem and attract global investors. Be part of the innovation journey from March 1! #PakistanStartupFund #TechInnovation

Launch of Rs. 2 Billion Pakistan Startup Fund by IT Minister

Today, Dr. Umar Saif, the Caretaker IT Minister of Pakistan, officially started the Pakistan Startup Fund (PSF) with a budget of Rs. 2 billion. The launch event had domestic and international venture capitalists, diplomats, and tech companies in attendance, including Secretary IT Hasan Nasir Jami and Ignite CEO Asim Shehryar.

Dr. Saif explained that the main goal of PSF is to speed up investment in new businesses in Pakistan, highlighting its crucial role in the country’s economic growth. The fund aims to financially support startups, with 30 percent coming from PSF and the remaining 70 percent from venture capitalists.

The IT minister emphasized the government’s desire to support and boost innovative ventures in Pakistan through PSF. He mentioned that besides financial aid, this initiative aims to create a favorable environment for startups to thrive. The IT Ministry is actively working to provide facilities and support for IT startups, as part of a broader strategy to enhance the local tech ecosystem.

Dr. Saif shared that in the last four years, Pakistani startups have attracted around $800 million in foreign investments, indicating growing global interest in the country’s entrepreneurial scene.

In a tweet, the minister stated that if a foreign venture capitalist is considering a $1 million investment in a Pakistani startup, the PSF will contribute $300k as a grant, reducing the VC’s investment to $700k. He assured that PSF won’t demand equity or board positions in startups, aiming to minimize risk for international investors.

Dr. Saif expressed hope that PSF would generate a value of at least Rs. 50 billion annually in Pakistan’s startup ecosystem. He disclosed that 8 National Incubation Centers across the nation are supporting over 4,000 startups, emphasizing the government’s commitment to helping startups secure funding.

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The PSF is set to start providing financial support to startups from March 1, offering policy guidelines for venture funds, ensuring investment protection for foreign investors, and enabling large corporations to invest in Pakistani startups.

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