United State agency for international development(USAID), has planned to launch challenge funds that will support startups in Pakistan.
In launching event, Ambassador David Hale along with Minister of State for Information Technology and Telecommunication (MoIT), Anusha Rahman speak about USAID funds, and how it will help to promote and grow small and medium enterprises (SMEs) and entrepreneurship.
It will support hospitality and Information Communications Technology (ICT) sectors. The USAID funds will raise incentives that collectively build scalable business ideas beneficial for both private sectors and consumers.
“America is committed to cultivating small- and medium-sized businesses in Pakistan, creating jobs, fostering entrepreneurship and expanding the country’s economy. We are confident that the small seeds planted through this program will help transform ideas into profitable realities.”American ambassador, David Hales said.
Anusha Rahman (MoIT) thanked and appreciated USAID for their efforts to promote economic growth in Pakistan. The Innovations grant will give offers between $20,000 and $24,500 to cater sector-wide challenges identified by USAID. Large-scale up challenge grant between $50,000 and $400,000 for grantees that effectively provide solutions for large-scale set up.
Growth funds will be provided in between $20,000 and $50,000 that will assist to open and expand SMEs, handle the financial affairs that are required for business and sector challenges.
Legally registered, local for-profit and not-for-profit organizations, individual entrepreneurs, and businesses will be eligible to apply for this grant. Moreover, USAID five year program purpose is to enhance the financial and operational growth of SMEs in Pakistan especially in ICT, light, engineering, textile, hospitality, minerals, and packaging sectors.