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

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

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

Dr Umar Saif said if a foreign venture capitalist evaluates any Pakistani start up for a one million dollar investment, the VC only needs to invest 700,000 dollar while the Pakistan Startup Fund will give a grant of 300,000 dollars to help close the round.