News: CSF setting up business incubators
Name of NewsPaper: Business Recorder
Date of Publication: : Friday, 31 August, 2007
URL:http://www.brecorder.com/index.php?id=616164&currPageNo=1&query
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RECORDER REPORT
ISLAMABAD (August 31 2007): The Competitiveness Support Fund (CSF) starts with its third operating window to boost the knowledge-driven economy in Pakistan through establishing business incubators and promoting venture capital.

The Competitiveness Support Fund, a joint initiative of the federal finance ministry and the United States Agency for International Development (USAID), started with its operation in May, 2006.

It is one of the best driving forces currently in Pakistan providing policy assistance, identifying sectors that have potential and competitive advantage to grow as well as co-financing innovative projects based on a solid strategy to support a long-term economic growth in the country. Now, the CSF has put its third window into operation to establish business incubators and promote venture capital in Pakistan.

The CSF has three operational windows, technical assistance, matching grants and business incubators/venture capital. It started with its third window meant to establish business incubators in the leading research institutions in Pakistan. The technical assistance and matching grant are being supported by a grant of $12 million by the USAID, initiative of business incubators and venture capital will become operational by a matching grant of $10 million contributed by the Government of Pakistan.

The Executive Committee of the National Economic Council (Ecnec) approved $10 million last December, as a part of the agreement between the GoP and the USAID on establishing the Competitiveness Support Fund.

To make business incubation and venture capital a success in Pakistan, the CSF has now undertaken initiatives working closely with the Higher Education Commission (HEC) which is a partner organisation of the CSF and both the organisations signed an MoU last year to support initiatives promoting knowledge-based economic development.

Another essential component of the undertaking was envisioned to establish business incubators. Both the HEC and the CSF will jointly develop and implement a monitoring and evaluation system to ensure the successful and timely completion of the projects selected for the incubators. Finally, the CSF will explore the possible financial involvement of other relevant bilateral institutions to share the cost of the relevant projects as well.