Peshawar: A high level meeting regarding the utilization and investment policy of the Khyber Pakhtunkhwa Higher Education Research Endowment Fund was held under the chair of Minister for Higher Education Mushtaq Ahmad Ghani on Wednesday.
Additional Secretary Higher education department informed the meeting that the Khyber Pakhtunkhwa Higher Education Research Endowment Fund (HEREF) has been established with initial seed money of Rs. 500 million. The fund is operated under Khyber Pakhtunkhwa Higher Education Research Endowment Fund Act, 2004 and governed by Board of Directors notified under the Act.
The meeting was informed that the Profit of the fund shall be used to provide cost sharing to Higher Education institutions i.e. Universities, Degree awarding institutes (DAI) and centers of excellence for the Promotion of scientific research, education research focusing on solution of social issues, development of linkages with industries Development, designing and updating of curricula and syllabi according to market demands.
The fund would help for enhancing the financial resource line of the benefiting Higher Education Institutions and it shall be utilized for financing research in natural and social sciences in public sector universities.
After deliberate discussion, the meeting has decided that the original value of research endowment fund would be invested in top ranking and well reputed bank and in this connection the investment policy would be followed as per Khyber Pakhtunkhwa Research Endowment Fund Act 2004.
The forum has constituted a committee for smooth implementation of the program, the committee will analyze the act and will propose the amendment if needed.
The committee shall submit recommendations within 15 days for consideration of the board of directors; it has been decided in a meeting.
The composition of the committee is 12 members which cover the experts from different sector.
Talking to the participants of the meeting minister information said, HEREF will be fruitful for the public sector universities for innovation of research.
He said the fund would be invested in the banks with high profit rates may be preferred keeping in view their credibility and stability.
The meeting was attended by Senior Minister for Health Shahram Tarakai, Secretary Higher Education Dr. Attaurhaman, Special Secretary HED Ghafoor Baig, VC Peshawar University Dr. Rasool Jan, VC UET Peshawar Dr. Imtiaz Gilani and others.