Startups

Pakistani govt to set up PKR 1 billion Venture Capital fund for startups

Avatar Written by Sajeel Syed · 59 sec read>
Startups-In-Pakistan (1)

The startup ecosystem in Pakistan is expanding and the journey might be close enough to make a significant impact. Earlier this month, the ministry of IT allocated PKR 124 million for tech startups in Pakistan, though the funding will be mainly focused on those startups which are working to find solutions for disabled persons. However, recently Pakistan’s Interior Minister Chaudhary Ahsan Iqbal is looking forward to launching a “Start-Up Pakistan Venture Capital Fund” to promote startup ecosystem in Pakistan.

Ahsan Iqbal, who holds two federal ministries of Pakistan including Interior Ministry and the Ministry of Planning, Development, and Reforms has been an influential name in Pakistan’s politics. The minister has announced that Venture Capital Fund of worth Rs. 1 billion will be allocated very soon to encourage young entrepreneurs in their ambitions for making Pakistan a better place to live.

The minister was chairing a meeting that was held under the efforts government is doing for its vision “Pakistan-2025”. While reviewing this Start-Up Pakistan Venture Capital Fund, the minister has announced that govt will fund promising startups to boost startup ecosystem of Pakistan.

Interior Minister Ahsan Iqbal while chairing a meeting to review startup venture capital fund.

Well, it is still not clear that when this venture will be launched and startups of which categories will be funded under this program. However, it is obvious that if such investments for Pakistani startups keep coming, we will certainly see a bright future for Pakistani startups and entrepreneurs. Only time will tell that if these meeting and announcements are all talk or these projects will actually see the light of the day.

Source: Minister’s Facebook Post

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism.Follow me on Twitter: https://twitter.com/sajeelshamsi Profile