The Government of Pakistan is seeking an investment partner, preferably a credible international entity, to launch the Rs6 billion ($33 million) Pakistan Tech Startup Funding Programme (PTSFP). The programme is an intensive investment support programme for startups with the aim to accelerate their chances of growth and scale.
Pakistan Seeks Investment Partner for its Rs 6 Billion Startup Funding Initiative
The official said,
“A minimum of Rs.6 billion is to be invested over a period of 5 years (tentatively starting from July 2022) in the Pakistani startups. In the first year, the total annual seed grant from the Ministry of Information Technology via Ignite will be Rs1 billion (with the first tranche of Rs500 million). While the investment partner will at least invest matching funds of at least Rs1 billion.”
In the later years, the ministry will keep contributing Rs500 million/year or more. Whereas, the investment partners would keep matching at least the annual grant funding, until the end of the programme.
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Prime Minister Imran Khan, last month announced establishing the PTSF, allowing tax exemptions. He further announced the 100% foreign exchange retention for IT companies and freelancers registered with Pakistan Software Export Board (PSEB).
The PTSF will be led and managed by the investment partner, which may create a Special Purpose Vehicle (SPV) or an alternate mechanism for operations...
Read Full Story: https://www.phoneworld.com.pk/pakistan-startup-funding-initiative/
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