Innovation Challenge Fund worth Rs 500 million being setup in Pakistan

Innovation Challenge Fund worth Rs 500 million being setup in Pakistan
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ISLAMABAD:  The federal government will establish an Innovation Challenge Fund with Rs 500 million to cater to the
requirements of Small and Medium Enterprises (SMEs).

This was announced by Minister for Finance Muhammad Ishaq Dar
during his budget speech at Parliament House here on Friday.

The minister said investment in new technologies was imperative to give impetus to small businesses to keep pace with the changing market requirements.

Technologies were involved at all levels of industry and supply chain uses continuous upgrade and improvement to maintain profitability, he added.

The minister said the new fund would be professionally managed in collaboration with the key technology universities of Pakistan.

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