Islamabad, The Caretaker Minister for IT and Telecommunication, Dr. Umar Saif, announced the launch of the first-ever “Pakistan Startup Fund” in Islamabad today, marking a significant step towards fostering entrepreneurship and venture investment in the country.
According to Ministry of Information and Broadcasting, the Pakistan Startup Fund is designed to catalyze venture investments and elevate Pakistani startups to a significant position on the global stage. The Fund is structured as an equity-free capital initiative, aimed at assisting startups in raising their first external investment.
Dr. Umar Saif elaborated on the mechanics of the Fund, stating that the government will allocate up to two billion rupees for the Pakistan Startup Fund each year. He explained that under this initiative, if a foreign venture capitalist is considering a one million dollar investment in a Pakistani startup, the venture capitalist would need to invest only 700,000 dollars. The Pakistan Startup Fund will provide the remaining 300,000 dollars as a grant to help close the investment round.
This initiative is a milestone for Pakistan’s entrepreneurial ecosystem, offering a unique opportunity for startups to secure essential funding and enhance their visibility in the international market.
Karachi, Sindh Chief Minister Justice (retd) Maqbool Baqar, in a follow-up meeting, directed the Sindh Building Control Authority (SBCA) to bulldoze an illegally constructed building near Shahrah-e-Faisal. The meeting, focusing on the beautification of Shahrah-e-Faisal and restoration of Chowkundi Graveyard, was attended by various city officials and experts.
According to Chief Minister Sindh, the under-construction building opposite Star Gate, which encroached on the service road, was the primary target for demolition. The Chief Minister instructed the DG SBCA to take strict action against officers of District East responsible for approving the layout plan or ignoring the illegal construction.
Commissioner Karachi Saleem Rajput reported on the ongoing beautification efforts, including a wall near Falaknaz Apartments adorned with stone carvings and tiles reflecting Sindh’s cultural diversity. A plan to develop a park at the corner of the road to Jinnah Terminal was also decided. Beautification of the underpass at Drigh Road and two flyovers on Shahrah-e-Faisal with lights, paints, tiles, and greenery was discussed. Mayor Murtaza Wahab briefed on the enhancement of the green belt along Shahrah-e-Faisal with trees, seasonal flowers, and grills.
Regarding Chowkundi Graveyard, the Chief Minister was updated on progress in its restoration. Trucks and containers blocking access to the site have been removed, and cleanliness operations are underway. Secretary Forest Najam Shah outlined the social forestry division’s conservation efforts, including planting 50,000 trees of various species.
The Chief Minister emphasized the importance of water availability for the plants, directing the Culture Department to install a portable solar system for water storage and distribution. Mayor Wahab announced plans to develop a park at Chowkundi Graveyard for visitors.
Architect Ms. Komal presented the master plan and landscape of the site, informing the Chief Minister that it had been submitted to the culture department. The technical team of the project completed documentation and survey of graves, revealing various conditions of the graves, from good to dilapidated.
The Chief Minister emphasized finalizing the design, features, financial implications, and hiring of artisans for the restoration work. Secretary Culture Khalid Chachar assured of rehabilitation and renovation efforts, while the Chief Minister directed the works and Services department to construct a boundary around the graveyard.
A meeting to discuss land reservation for an alternate burial place for local people is to be held under Chief Secretary Dr. Fakhre Alam. Minister Sports & Antiquities Dr. Junaid Shah committed to monitoring the progress of the works assigned to his department.