The caretaker minister for Information Technology, Dr. Umar Saif, unveiled the Pakistan Startup Fund, aiming to accelerate investments in local startups.
The fund, allocated Rs2 billion by the caretaker government, aims to bolster investments in Pakistani ventures, offering support of up to 30 percent for startups.
Dr. Saif highlighted that over the last four years, the Pakistan Startup Fund has enticed foreign investment amounting to $800 million. He expressed optimism, stating that through the PSF, they aim to generate a yearly value of at least Rs 50 billion within Pakistan's startup ecosystem.
Emphasizing the thriving startup landscape, Umar Saif mentioned the current existence of over 4000 startups actively operating in Pakistan.
Moreover, the Caretaker Minister announced positive news for freelancers in Pakistan regarding the PayPal payment gateway. Dr. Umar Saif disclosed that PayPal is set to offer its services in the country. The mechanism for international payments within Pakistan will be facilitated through a third-party gateway, as PayPal plans to establish its presence in the country through a strategic partnership.
