Govt to Set Up a $75 Million Fund for Giving Loans to Entrepreneurs

The Government, through State Bank of Pakistan (SBP), is setting up a fund for startups in the country. Startups and budding businesses will not be getting it for free, they are only allowed to borrow from the $75 million fund. The government will be disbursing the amount to credit lending institutions and micro-finance banks, which will then loan it to startups. ALSO READ Pakistani Led Startup Raises £2.2 Million in Funding Now while this sounds like a good venture on paper, it comes at a time when everyone is preparing for general elections. This could be a last minute resort by the PML-N to win votes from business owners. Now that there’s barely two months left in the elections, it seems like the venture is too little too late. ALSO READ Pakistani Startup Wins Regional Hult Prize 2018 Just last month, Ministry of Information Technology (MoIT) allocated Rs. 124 million for developing special apps for the disabled. For that purpose, the government will partner with private IT firms to develop the apps. With several million people in Pakistan falling under the category of disabled or mentally challenged, this seems like the need of the hour. However, why the government didn’t do anything about it until now is anyone’s guess. Via MoreNews