The Central Development Working Party (CDWP) has approved the Prime Minister’s Initiative Support for IT Startups, Specialized IT Training, and Venture Capital conditionally.
With a total cost of Rs. 5,000 million, this project aims to revolutionize Pakistan’s IT sector and unleash its potential for innovation and economic growth.
There are three components of this project:
Component 1: Venture Capital Fund (Rs. 1,700 million)
The Venture Capital Fund aims to create an enabling environment for venture capital investing in Pakistan. By promoting startup growth, attracting foreign investment, and supporting the establishment of new companies, this fund will contribute to the modernization of Pakistan’s economy and create job opportunities.
Component 2: Prime Minister’s InnovateNation Endowment Fund and Pakistan Innovation Grants (Rs. 1,300 million)
The Prime Minister’s InnovateNation Endowment Fund is designed to foster innovation, entrepreneurship, and economic growth by providing financial support and resources to early-stage startups. By nurturing the startup ecosystem, this fund will contribute to job creation, technology development, and the overall socio-economic development of the country.
Component 3: Specialized IT Trainings (Rs. 2,000 million)
Under this component, 8,000 selected individuals, both from IT and non-IT backgrounds, will receive specialized training on technologies such as Artificial Intelligence, Blockchain, Cloud Computing, and more. The goal is to provide a highly skilled workforce to the IT industry.
Additionally, 300 master trainers will be produced to impart training, design HR development programs, and ensure the continuity of the IT skill development initiative. The top-ranking trainees will also have the opportunity to intern in IT companies for three months, receiving a stipend of PKR 50,000 per month.
The Prime Minister’s Initiative for IT Startups, Specialized IT Training, and Venture Capital holds immense potential to propel Pakistan’s IT sector to new heights. By fostering innovation, creating job opportunities, and nurturing a highly skilled workforce, the Government is paving the way for a digital future.
Source: Pro Pakistani