Tag: Venture Capital

  • CDWP approves Rs7 billion for advancing Pakistan’s IT sector

    CDWP approves Rs7 billion for advancing Pakistan’s IT sector

    During the Central Development Working Party (CDWP) meeting, chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, five development projects were given approval, totalling Rs13 billion, according to a press release.

    The meeting focused on projects within the information technology, health, and physical planning and housing sectors.

    Under the Ministry of Information, two projects were presented. The first, “Upgradation of Transmission Network & Replacement of Optical Fibre Cable, AJK & Gilgit Baltistan (revised),” with a budget of Rs2 billion, received approval from the CDWP.

    The second project, “Prime Minister’s Initiatives Support for IT Startups, Specialised IT Trainings, and Venture Capital (revised),” with a budget of Rs5 billion, was also granted approval.

    Furthermore, two projects from the Ministry of Law and Justice were considered and approved. The first involves the “Construction of Litigants Facilitation Centre for Litigants and Lawyers in Sector G-10/1, Islamabad,” with a budget of Rs1.86 billion. The executing agency and financing source for this project is the Capital Development Authority (CDA).

    The second project presented was the “Establishment of 93-No District Courts in Mauve Area G-11/4, Islamabad (revised),” with a budget of Rs2.23 billion.

    A project focused on skill development internships, the “Ba-ikhtiyar Naujawan Internship Program Balochistan,” worth Rs1.85 billion, was also approved by the CDWP. Notably, this project is fully funded through a World Bank loan.

  • Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Dr Shamshad Akhtar, the Caretaker Finance Minister, emphasised Pakistan’s significant economic potential, stating that the country could achieve a $2 trillion economy by 2047, as per a World Bank report.  

    Addressing the Future Summit in Karachi, she underscored the importance of adopting robust economic and sector-specific policies, coupled with a resolute commitment to implementing challenging structural reforms. 

    Dr Akhtar highlighted the need for increased innovation and diversification within the economic framework to ensure sustainable growth.  

    Emphasising the role of Development Finance Institutions (DFIs), she noted that institutions with expertise, efficiency, and flexibility could serve as crucial drivers for the growth and development of the capital market. 

    In a recent meeting with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and heads of DFIs, Dr Akhtar discussed the progress of establishing a private equity and venture capital (PE and VC) fund.  

    While the DFIs reaffirmed their commitment, they also provided insights into the progress made and challenges encountered in the process. 

    Notably, Pakistan, currently under a caretaker government, successfully reached a staff-level agreement with the International Monetary Fund on the first review of a short-term bailout program.  

    This agreement clears the path for unlocking $700 million, a crucial step in mitigating the looming economic crisis.  

    The caretaker government has implemented various fiscal measures, including an increase in the petrol levy, additional taxes, and significant reforms in the power sector, to address the economic challenges effectively. 

  • Pakistan plans to establish 5,000 e-working centres to empower freelancers 

    Pakistan plans to establish 5,000 e-working centres to empower freelancers 

    Dr Umar Saif, the Caretaker Federal Minister for Information Technology and Telecommunications, has announced a significant government initiative to establish 5,000 collaborative e-working centres designed specifically for freelancers.  

    In a recent statement, Minister Saif unveiled plans to provide interest-free loans for the creation of these joint E-Working Centres, with the primary goal of facilitating freelancers and, in turn, generating millions of job opportunities throughout the country.  

    A press release from the Ministry, issued on Thursday, also highlighted Minister Saif’s commitment to attracting global investors to support startup ventures. Additionally, he mentioned an upcoming visit to Saudi Arabia to further these discussions.  

    Furthermore, Minister Saif emphasised a positive dialogue with Caretaker Finance Minister Shamshad Akhtar, focusing on a comprehensive 5-point agenda centred on the IT sector. One key topic of discussion was the issue of retaining dollars within the IT industry.   

    According to Geo News, the Ministry believes that addressing this matter will not only repatriate overseas IT accounts to Pakistan and restore investor confidence but also enhance the inflow of foreign currency into the country, consequently boosting the volume of IT exports.  

    Separately, Minister Saif stressed the need for the Pakistan Software Export Board (PSEB) to redefine its role. He proposed that the PSEB should actively assist IT companies in securing international clients and expanding their businesses on the global stage, ultimately promoting the image of Pakistan in the international market.  

    During the 58th meeting of the PSEB, Minister Saif underlined Pakistan’s unique strengths in terms of IT professionals and its favourable time zone. He emphasised the importance of presenting Pakistan’s IT/ITeS products to the world effectively. He suggested that the PSEB should collaborate with Pakistan’s trade and commerce missions in embassies worldwide to support the growth of exports by Pakistani IT companies.  

    In a directive to the PSEB, Minister Saif urged the expedited implementation of all necessary measures to train 200,000 IT professionals, with the goal of contributing $5 billion to the country’s IT exports. The meeting also delved into discussions concerning the IT industry and strategies for increasing investment within Pakistan.