Caretaker Minister for IT and Telecommunication Dr. Umar Saif has launched the first-ever "Pakistan Startup Fund" in Islamabad today.

The Pakistan Startup Fund aims at to catalyze venture investments in Pakistan and position Pakistani startups as significant players on the global stage.

Pakistan Startup Fund is designed as an equity-free capital to help a startup raise its first external investment.

Addressing the inaugural ceremony, Dr. Umar Saif said that the government will allocate up to two billion for Pakistan Startup Fund every year.

Dr Umar Saif said that if there is a startup in Pakistan and a foreign venture capitalist is evaluating the startup for a one million dollar investment, the VC only needs to invest $ 700,000- the Pakistan Startup Fund will give a grant of 300,000 dollars to help close the round, he maintained.