KARACHI: 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 (PSFP), an official said.
The programme is an intensive investment support programme for startups with the aim to accelerate their chances of growth and scale, he added.
“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,” the official said.
“It is proposed that in the first year, the total annual seed grant from the Ministry of Information Technology via Ignite will be Rs1 billion (with 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 while investment partners would keep matching at least the annual grant funding, until the end of the programme.
“It is expected that the investment partner will contribute more than its committed funds over the period of this programme,” he said.
Prime Minister Imran Khan, last month announced establishing the PTSF, allowing tax exemptions and 100 per cent 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...
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