CDWP Approves PM’s Rs. 5 Billion IT Fund for Startups and Venture Capital

The Central Development Working Party (CDWP) has approved the Prime Minister’s Initiative fund for IT Startups, Specialized IT Training, and Venture Capital. The project aims to revolutionize Pakistan’s IT sector and express its potential for innovation and economic growth. The total cost of the project is Rs. 5 billion.

CDWP Approves PM’s Rs. 5 Billion IT Fund for Startups and Venture Capital

The government divided the project fund into three components.

• Specialized IT Training (Rs. 2,000 million)

Under this part of the project, 8,000 selected individuals from IT and non-IT backgrounds, will receive specialized training on technologies such as Artificial Intelligence, Blockchain, Cloud Computing, and more.

• Venture Capital Fund (Rs. 1,700 million)

The Venture Capital Fund will create an enabling environment for venture capital investing in Pakistan. It will promote startup growth, attract foreign investment, and support the establishment of new companies. Ultimately, this fund will create more job opportunities and will contribute to the modernization of Pakistan’s economy.

• Prime Minister’s InnovateNation Endowment Fund and Pakistan Innovation Grants (Rs. 1,300 million)

The Prime Minister’s InnovateNation Endowment Fund will provide 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.

Additionally, under this project, 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.

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