Govt to set up Innovation Challenge Fund with an amount of Rs 500 million



ISLAMABAD, May 26 (APP): 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.