PU to receive Rs11.5 million to expand facility

Grant aims to accelerate development of starts-ups

LAHORE: A memorandum of understanding was signed between the Higher Education Commission of Pakistan (HEC) and Punjab University (PU) to further develop a newly-established business incubation centre (BIC) at the Institute of Business Administration (IBA) n Thursday.

According to the agreement, HEC will give the varsity Rs11.5 million to expand the facility further.

The MoU was signed at the vice chancellors office, and PU VC Dr Nasira Jabeen, IBA director Sajida Nasir and other officials were also present.

The purpose of the grant is to accelerate the development of starts-ups by providing entrepreneurs with an array of targeted resources and services. It will also support linkages between academia, research and development institutions and the private sector, while providing entrepreneurs with well-equipped infrastructure. The management of the business incubation centres was handed over to IBA and PU in March 2016.

The meeting lauded Sajida Nisar as she is profoundly committed to the cause of fostering small and medium-sized enterprises (SMEs) and has played an instrumental role in effectively managing the centre.

In this regard, HEC representative conducted a survey of the BIC on March 26. The agreement was signed after the HEC submitted their report. The meeting believed that this would herald an era of productive SMEs leading to a strong and robust economy. Punjab University continues to play a pivotal role in serving Pakistan’s society, the meeting noted.

Published in The Express Tribune, May 25^th, 2018.