KP government shows its commitment to boosting Pakistan’s economy by offering its first-ever seed fund in the region. The KP Seed Fund is backed by the World Bank, Multi-Donor Trust Fund, and Khyber Pakhtunkhwa Information Technology Board (KPITB).
According to details, the investment ranges from Rs 5 million to Rs 25 million, depending on the startup. However, the startups need to ensure registration under the laws of Pakistan. Since KP Seed Fund aims to strengthen the investment eco-system in the province, the startups should be KP-based. At least one of the founding members should have a KP domicile.
The main purpose of the fund is to promote entrepreneurship in KP especially for women as it encourages women-led startups to apply. With the fund, KP can showcase successful startups and change the economic landscape of the province.
Read more: President Alvi: Economic independence important for women empowerment
Most importantly, in a bid to boost the information technology (IT) sector in KP, the Seed Fund only caters to tech-driven, tech-focused, or tech-enabled startups.
Kp govt Introducing First Ever SEED FUND for Startups pic.twitter.com/ynLjRq64Mt
— Atif Khan (@AtifKhanpti) January 5, 2022
On another note, the KPITB also recently announced a Digital Internship Program for IT graduates. With a monthly stipend of Rs 25000, the 6 months internship will enable the capacity building of youth to compete in global tech markets.
KPITB's Digital Internship Program For IT Graduates
Apply Now: https://t.co/eQuq6b4qMh
Last date: 23rd January, 2022#DigitalKP pic.twitter.com/rFxsZiZycE
— PTI (@PTIofficial) January 3, 2022
STZA and KP govt agree on tech zones
As per PM Khan’s vision for a digital Pakistan with a successful IT sector, the Chief Minister of KPK (CM KP) and the Chairman of the Special Technology Zones Authority (STZA) decided on tech zones for KPK.
The meeting took place in November 2021, as a follow-up to the Digital Youth Summit held in Peshawar. As a result, CM KP and STZA Chairman came up with a comprehensive strategy for the development of four Special Technology Zones (STZs) in KPK province, namely in Peshawar, Mardan, Swat, and Haripur.
These STZs will create opportunities for the technology industry by creating jobs for the youth. The STZs will also support the technology and knowledge ecosystems in the province.
To implement this strategic plan, the Government of KPK will form a Joint Working Group (JWG) with the Special Technology Zones Authority – STZA.
Read more: How governments can help in technology-led economic development?