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News:CSF approves four new projects By Israr Khan ISLAMABAD: The Competitiveness Support Fund (CSF) on Monday approved four innovative projects for Pakistan aimed at supporting cutlery, medicinal fruits, engineering and dairy clusters to improve their export potential. The total cost of these projects is US$1.43 million in which CSF will contribute about $0.41 million. These projects once executed would generate a substantial new investment of $4.8 million and would create more than 6,200 new jobs. Besides, these would generate an additional amount of $1 million from stakeholders. The CSF is a joint initiative of the Ministry of Finance and the United States Agency for International Development (USAID), to reposition Pakistan’s economy on a more competitive global footing. The proposed financial support for the projects is part of the $1.5 billion aid that the US government is providing to Pakistan over five years to improve economic growth, education, health and governance. During the third CSF board meeting held under the chairmanship of Omar Ayub Khan, Minister of State for Finance and Chairman of CSF for reviewing the progress of the Fund’s activities approved these projects. He appreciated the progress made and achievements of CSF activities, especially with regard to impacts on the economic growth strategy of the Government of Pakistan. This investment expected to create a multiplier effect, every $1 invested to generate 12 times more new investment. All approved projects will support public-private partnerships to link research and development institutions and private sector by involving a three-fold set of stakeholders, termed ‘Triple Helix’ by the economic leaders, which includes, private sector, academia and government. |
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