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Engro Fertilizers & MCB introduce the first Electronic Bank Guarantee solution in Pakistan

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Karachi:Engro Fertilizers Ltd and MCB Bank Ltd have partnered to accelerate digitization of financial products and developed Pakistan’s first-ever solution to electronically manage bank guarantees.

With businesses adopting virtual operations and enforcing minimal physical interaction in the wake of COVID-19, Engro Fertilizers Ltd engaged MCB Bank Ltd, one of the leading Banks in the country, to develop an electronic bank guarantee management solution that will promote digitalization and enhanced corporate service delivery.

The Bank, in consultation with Mohsin Tayebaly & Co, managed legal and regulatory concerns to provide a SWIFT-based mechanism to Engro Fertilizers Ltd at nominal cost and minimal impact to business operations. Additionally, the designed process will also facilitate to mitigate the risk of counterfeit bank guarantees, identified as a recurring cause of concern in Pakistan’s banking Industry.

This system, currently operational only for Engro Fertilizers, is expected to be rolled out for all other clients of MCB Bank. Given the existing credit sales model offered by most corporations, the product would assist the wider industry in facilitating their customers and stakeholders in the near future.

This project is in line with the commitment of Engro Fertilizers Ltd to improve national corporate practices and lead the industry with innovative solutions. Earlier this year, the Company was recognized as the best in industrial sector for showing outstanding performance and demonstrating progressive management practices, by the Management Association of Pakistan (MAP).

In a joint statement, Mr. Nadir S Qureshi (CEO Engro Fertilizers Ltd) and Mr. Imran Maqbool (President/CEO MCB Bank Ltd) shared pride in the abilities of the combined team responsible for identifying and developing this much needed financial solution. They were confident that this solution would transform the way bank guarantees could now be managed in the country. Mr. Imran Ahmed, CFO Engro Fertilizers Limited, added that designing electronic bank guarantees seemed to be a very challenging task at first, but the teams were able to co-create this solution with great dedication and professionalism.

Zong Extends Support to SOS Children’s Village Karachi amid Torrential Rains

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Islamabad- Remembering the SOS Children’s Village in Karachi during the current torrential monsoon rains, Zong 4G, Pakistan’ leading network, has pledged its support to the kids’ welfare organization. The development is a part of Zong’s CSR strategy of partnering with key organizations across the country to help the underprivileged communities of Pakistan. As part of this partnership, Zong 4G volunteers visited the SOS Children’s Village in Karachi and donated clothes to them.

Zong Extends Support to SOS Children’s Village Karachi amid Torrential Rains

Working since 1987, SOS Children’s Village Karachi comprises of 16 family homes and other essential facilities. It is situated on a seven-acre site in Malir, which has been donated by the Government of Sindh. The children in SOS Village Karachi lead busy lives and, besides many extra-curricular activities, are provided with assistance in their studies. For everyday sustenance, the organization looks up to generous organizations and individuals for support.
“The ruthless spells of rain in the present monsoon season have left the needy people even more vulnerable and as an organization that cares about the people, Zong 4G has stepped forward during these difficult times to support the children of the SOS village in Karachi,” said Zong 4G spokesperson. “Our partnership with the SOS Children’s Village is reflective of our commitment to reach out and care for the underprivileged communities. We hope that this little token will help the children at SOS village.”
With the proactive measures it took following monsoon disasters in Karachi and Sindh, Zong 4G has yet again proved to be a socially responsible organization. Earlier Zong 4G partnered with Bint-e-Fatima old home to the support of the elderly women of Karachi during the crisis. The extension of support to the SOS Children’s Village solidifies Zong’s unfaltering commitment to the social welfare of citizens.

PM Praised Huawei’s Support in Creating Skillful IT Workforce

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Islamabad:A high level delegation of technology giant Huawei led by Mr. Hou Tao, Global Senior Vice President Huawei Technology called on Prime Minister Imran Khan at Islamabad today.

Minister for IT Amin ul Haque, Advisor on Commerce Abdul Razaq Dawood, Chairman Board of Investment Mr. Atif R. Bukhari, Chairman PTA Maj. Gen. (R) Aamir Azeem Bajwa and senior officers were also present. Huawei delegation comprised of CEO Huawei Pakistan Mr. Qiang Meng, Dy. CEO Mr. Ahmed Bilal Masud, Managing Director Mr. Weijie Gao, Director Public Affairs Mr. Han Wu.

The delegation apprised the Prime Minister that Huawei is dedicated towards realizing the IT initiatives of the Government and in this regard Huawei plans to train one thousand federal government employees. Huawei will also provide support in training university level students to equip them with latest IT skills.

Mr. Hou Tao stated that Huawei supports the vision of Prime Minister to create a young skilful workforce in the field of IT. Huawei also offered to formulate Information Communication Technology (ICT) White Paper with the help of international consultants identifying the existing ICT systems and suggestions for improvements.

Prime Minister appreciated the support provided by Huawei towards realizing the objectives of “Digital Pakistan”. He stated that IT sector holds tremendous potential of investment, revenue generation and economic development.

The Prime Minister emphasized that IT solutions in government operations ensure transparency, speed of delivery and good-governance. Prime Minister assured the Huawei delegation full support from the Government towards implementation of ICT solutions in Pakistan

International Day to Protect Education from Attack

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Marking the International Day to Protect Education from Attack on September 9, 2020: A Qatari initiative to raise awareness about the suffering of children affected by armed conflict, and their urgent need for educational support

International Day to Protect Education from Attack

The United Nations General Assembly in 2019 adopted a resolution to proclaim the 9th of September as an International Day to Protect the Education from Attack, a decision called for by Her Highness Sheikha Moza bint Nasser, Chairperson of Education Above All Foundation and a member of the UN Sustainable Development Goals Advocates Group. The State of Qatar led it to mobilize international support to ensure accountability for the ongoing and deliberate attacks on education and armed violence children around the world are suffering from. This day will serve as an annual platform for the international community to review progress, new data, and commit to effective mechanisms to hold the perpetrators of these attacks accountable and end their impunity.

The concept note acknowledged the pioneer role of Her Highness Sheikha Moza bint Nasser and Her Highness’ advocacy for the UN Sustainable Development Goals, being a driving force behind the initiative that led to the adoption of the resolution thanks to Her Highness’s clear vision and in recognition of her efforts in the field of education at the global level.

A high-profile virtual event to mark the International Day to Protect Education from Attack

This day is being celebrated for the first time on September 9, 2020 through a high-level virtual event with the participation of Her Highness Sheikha Moza bint Nasser, Chairperson of Education Above All Foundation, and His Excellency Sheikh Muhammad bin Abdulrahman Al Thani, Deputy Prime Minister and Minister of Foreign Affairs of the State of Qatar. His Excellency Secretary-General of the United Nations will also participate in the event, along with senior UN officials and members of other international organizations.

This high-level event seeks to promote the International Day to Protect Education from Attack, encourage ratification and implementation of the Safe Schools Declaration, as well as highlighting the importance of monitoring attacks on education during armed conflict, and discussing the best ways in which the international community can help stimulate action against attacks on Education and ways to get involved in order to leave no one behind.

This high-level global event will be broadcasted directly on the Education Above All channel on YouTube via the following link:

https://www.youtube.com/watch?v=k4R28rRCr3w&feature=youtu.be

A page for the International Day to Protect Education from Attack has also been created on the UN website.

China and Pakistan always enjoy mutual trust and support, Zhao Lijian

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Associated Press of Pakistan: Prime Minister Imran Khan said in an interview that Pakistan’s economic future is now linked to China and the bilateral relations between Islamabad and Beijing are “better than ever before.” He also said that China’s growth rate was faster than any other country in the world, and Pakistan can benefit from the manner in which China has developed and has lifted its people out of poverty. He also refuted rumors about attempts to renegotiate CPEC cooperation terms with China. What’s your comment?

Zhao Lijian: China appreciates Prime Minister Imran Khan’s positive remarks on China-Pakistan relations.

As all-weather strategic cooperative partners, China and Pakistan always enjoy mutual trust and support. This year, after standing the test of COVID-19, China-Pakistan relations have become even stronger with greater mutual trust, cooperation and friendship. In particular, since the establishment of the CPEC Authority, the China-Pakistan Economic Corridor, as an important pilot project of BRI cooperation and a flagship for bilateral cooperation, has registered new progress in its building. China stands ready to work together with Pakistan to advance cooperation in all sectors and forge a closer community with a shared future in a new era to bring more benefits to the two peoples.

 

The Paper: According to the New York Times and CNN, the US State Department Spokesperson said in a statement that the Chinese Foreign Ministry had recently told the US Embassy in Beijing that it was denying press card renewals to US journalists in China, which is a reciprocal response to the US administration’s treatment of Chinese journalists. Can you confirm that? Will such measures further escalate the media issue between the two sides?

Zhao Lijian: What the US State Department Spokesperson said has no truth in it at all and is meant to confound the public.

The fact is that the press card renewals for CNN and other US media journalists are being processed. Before they get the renewal, their reporting and life in China will not be affected in any way. We’ve already told this fact to the US side.

Over some time, the US has launched one round of political suppression after another against Chinese media, reaching a state of hysteria. Since 2018, the US has delayed and even denied visas of 30 US-based Chinese journalists, forced some Chinese media outlets to register as “foreign agents” and “foreign missions”, in effect expelled 60 Chinese journalists, and limited visas for all Chinese journalists to a maximum 90-day stay. The visas of these Chinese journalists expired on August 6, and they have long ago applied for visa extension as required. But the US side hasn’t granted visa extension to any of them, placing their work and life in enormous uncertainties.

The relevant actions on the US side have severely disrupted Chinese media’s normal reporting activities in the US, undermined their reputation and obstructed cultural and people-to-people exchange between the two sides. As a self-proclaimed champion of freedom of the press, the US has treated Chinese media in a discriminatory manner and even gone so far as to take the journalists as hostages to pressure the Chinese side. This fully reveals the hypocrisy of its so-called freedom of the press and is double-standards and hegemony at full display.

Despite all this, the Chinese side always says that we are willing to resolve the issue concerning journalists on the basis of equality and mutual respect and has stayed in communication and negotiations with the US side. To show our sincerity, even though the US has indiscriminately limited the visas of US-based Chinese journalists to three months, the Chinese side remains restrained and has not yet implemented relevant countermeasures. It has all along extended visas for US journalists as usual and provided convenience for their reporting. Besides, even after the US side expelled over 60 Chinese journalists and refused to extend visas for over 20 Chinese journalists, the Chinese side hasn’t expelled an equivalent number of US journalists. However, during the negotiations, the US side has been unreasonable. It refused to acknowledge the Chinese side’s legitimate concerns and requests, and threatened not to extend Chinese journalists’ visas. The US wants to exert extreme pressure on the Chinese side by taking Chinese journalists as “hostages”. Don’t expect China to swallow this.

I have to point out that US resident journalists in China are aware of the above-mentioned facts and they don’t agree with the US government in oppressing Chinese media for political purposes, waging a “war of media” and using media of the two countries as pawns in a game. If the US does care about its journalists, it should extend visas for Chinese journalists as soon as possible rather than hijack this issue to serve the political interests of certain politicians.

We once again urge the US to meet China halfway, demonstrate sincerity and respond to the Chinese side’s legitimate and reasonable requests in accordance with the principle of mutual respect, equality and mutual benefit. In particular, it should extend the visas for all US-based Chinese journalists at an early date. For the Chinese side, all options are on the table, and the US side knows that very clearly. If the US is bent on moving further down the wrong path, China is compelled to make necessary and legitimate reactions to firmly safeguard its rights and interests.

Bloomberg: I’m just curious if you’d explain why non-American journalists are part of this media issue between China and the US, for example, Australian citizens or British citizens. Can you expand a little bit on why this is the case?

Zhao Lijian: I’ve made myself clear. The press card renewals of relevant journalists of the American media organizations are being processed. We will handle the matter in accordance with laws and regulations.

Global Times: The US Department of State retweeted on September 5 the following from Secretary Pompeo and Under Secretary Krach: “You’re seeing the entire world begin to unite around the central understanding that the Chinese Communist Party simply is going to refuse to compete in a fair, reciprocal, transparent way”; “The CCP is trying to leverage 5G-enabled technology to create and export George Orwell’s version of “1984” into the 21st century…We call on all freedom-loving nations and companies to join the Clean Network.” Do you have a response?

Zhao Lijian: This is the latest example of a handful of US politicians resorting to diplomacy of “We lied. We cheated. We stole”. By “the entire world”, they are perhaps referring to the US alone. The so-called “central understanding” can only mean anything if the word “China” is changed to “some American politicians”. The US has pulled out of a string of international treaties and organizations and even sanctioned staff of an international institution. It started a trade war. It wantonly suppresses foreign hi-tech companies, even clutching an unsuspecting female Chinese business executive with trumped-up charges. With intimidation, deception and coercion, it is working on the so-called “clean network”. Through such programs as PRISM, Equation Group, Echelon, it has forged an empire of spying, tapping and hacking. The US is covered in mud all over and is in no position to criticize others. As facts have proven, it is exactly the US that refuses to compete in a fair, reciprocal, transparent way and leverages its advantages to create and export George Orwell’s version of “1984” into the 21st century. Certain American politicians are working with concrete actions to destroy and terminate the spirit of free market, competitive neutrality, rule of law and international rules. The international community should all stand against such regressive behavior.

Foreign Journalist: On the journalist issue. Chinese journalists currently based in the US – you just talked about it – are facing problems to renew their visas. So just to be very clear, if they cannot get the new visas in the US, will China expel more US journalists from China?

Zhao Lijian: Like I just said, the Chinese side has exercised as much restraint as possible. But all options are on the table. What you presumed is the last thing we want to see.

I just detailed the ins and outs of the whole story. I hope that you will include all these facts in your coverage and give the audience in European countries and the US an idea of what’s going on with your pen and camera, so that people in the world will know what political manipulation the US government and certain US politicians are up to.

Beijing Daily: The Ministry of Foreign Affairs and the National Institute for South China Sea Studies jointly held a virtual international symposium themed “The South China Sea: From the Perspective of Cooperation”. I wonder what kind of signal does China wish to send out by holding this event on the eve of a series of foreign ministers’ meetings on East Asia cooperation? And what effect have you produced?

Zhao Lijian: The Ministry of Foreign Affairs and the National Institute for South China Sea Studies jointly held a virtual international symposium themed “The South China Sea: From the Perspective of Cooperation”. State Councilor and Foreign Minister Wang Yi delivered opening remarks entitled “Working Together to Make the South China Sea a Sea of Peace, Friendship and Cooperation”. He stated China’s firm commitment to working with regional countries to safeguard stability in the South China Sea and jointly resolving challenges. Vice Foreign Minister Luo Zhaohui further elaborated on State Councilor Wang’s remarks in terms of the importance and ways of cooperation, reiterated China’s policies on South China Sea, ASEAN and its neighborhood, and put forward proposals for practical cooperation in the South China Sea.

More than 100 former politicians, officials and experts from China, ASEAN nations and relevant countries contributed their wisdom at the symposium. They all hold that with the concerted efforts of regional countries, the situation in the South China Sea has maintained overall stability. They call upon countries in the region to unite and collaborate, rise above external disruptions, make greater strides in regional cooperation, and accelerate COC consultation to jointly uphold peace, stability and development in the South China Sea.

Bloomberg: A question regarding the Chinese Semiconductor Manufacturing International Corporation (SMIC). The US Department of Defense is working with other agencies to determine whether to take moves against SMIC, which would force US suppliers to seek a special license before shipping to the company. SMIC has said its technology is not for military use. What’s the foreign ministry’s comment?

Zhao Lijian: China has made clear its solemn position on US unreasonable oppression of Chinese enterprises on multiple occasions. For some time, the US has been abusing national security concept and state power to impose all sorts of restrictive measures on Chinese companies without producing any solid evidence. This is stark bullying. China firmly opposes that.

What the US has done shows clearly that the market economy and fair competition principle it claims to champion is nothing but a fig leaf. Such practice violates rules of international trade, disrupts global industrial, supply and value chains, and will inevitably damage America’s national interests and image. We advise the US to stop the erroneous act to stretch the concept of national security to oppress foreign businesses.

China Daily: President Milos Zeman of the Czech Republic said in an interview on September 6 that the supreme constitutional leaders’ foreign policy meeting voted against the visit to Taiwan by Vystrčil, President of the Senate. However, Vystrčil insisted on going, which was a “boyish provocation” that might harm practical cooperation with China. President Zeman said he himself attaches importance to relations with China and hopes to attend the China-CEEC Summit to be held in China once the COVID-19 situation improves. I wonder if China has any comment on this?

Zhao Lijian: China appreciates President Zeman’s dedication to advancing friendship and cooperation between the Czech Republic and China and his firm position on major and sensitive issues relating to China. The sound development of bilateral relations serves the common interests of both countries and peoples. We hope to work together with the Czech Republic on the basis of mutual respect and equality to rise above disturbances and move relations forward. As to President Zeman’s expressed hope of attending the China-CEEC Summit, we would like to extend our welcome.

Reuters: Do you have any comment on the number of US journalists that would be affected, if China rolled out new countermeasures? Or the number of those in the country at the moment?

Zhao Lijian: I have just made myself pretty clear.

As for the specific numbers you asked about, I already said that the US expelled over 60 Chinese journalists and denied visas for more than 20 Chinese journalists, but the Chinese side did not do the same thing to the same number of US journalists.

I can repeat that the press card renewals for CNN and other US media journalists are being processed. Before they get the renewal, their reporting and life in China will not be affected in any way. We’ve already told this fact to the US side.

Prasar Bharati: There were reports about five missing Indian youths from the Indian state of Arunachal Pradesh. Indian minister for youth affairs yesterday tweeted that Indian army has sent a hotline message to the PLA about the 5 missing Indians. Could you please provide any update on it?

Zhao Lijian: China’s position on the east sector of the China-India boundary, or Zangnan (the southern part of China’s Xizang), is consistent and clear. The Chinese government has never recognized the so-called “Arunachal Pradesh” illegally established on the Chinese territory. I’m not aware of the situation you mentioned.

Shenzhen TV: A Chinese vice foreign minister had a group meeting with ten ASEAN countries’ diplomatic envoys to China. Can you tell us more about it?

Zhao Lijian: The ASEAN Committee in Beijing (ACB), which consists of ten ASEAN countries’ ambassadors to China, is an important channel for communication and cooperation between China and ASEAN. Every year, before the foreign ministers’ meetings on East Asia cooperation, State Councilor and Foreign Minister Wang Yi would meet with diplomatic envoys from ASEAN to compare notes and offer China’s support and coordination for the success of the meetings. This year, due to scheduling reasons, he entrusted Vice Foreign Minister Luo Zhaohui to hold a group meeting with diplomatic envoys of ten ASEAN countries to exchange ideas on China-ASEAN relations, East Asia cooperation and issues of mutual concern.

The Chinese side shared its major considerations for the current East Asia cooperation and expressed readiness to work with ASEAN to enhance anti-epidemic cooperation, resume economic activities, formulate next year’s work plans, and properly manage differences to make the upcoming meetings, the China-ASEAN (10+1) foreign ministers’ meeting in particular, a complete success. The ASEAN diplomatic envoys congratulated China on its remarkable epidemic response, thanked China for its valuable anti-virus support for ASEAN countries, and expressed confidence in deeper friendship and cooperation between the two sides in the post-COVID era. The ASEAN side agrees with China’s considerations for the series of foreign ministers’ meetings and stands ready to work together with China for good results at the meetings to send out a positive signal of regional countries fighting the virus together and pursuing shared development.

Bloomberg: A question about the Hong Kong police arresting hundreds of people as protests flared up, a sign that the national security law hasn’t managed to allay anger over a delayed legislative election. Whats the foreign ministry’s comment on yesterday’s arrests of hundreds of people in Hong Kong?

Zhao Lijian: This is not a diplomatic matter. I noted that the HKSAR government and the spokesperson of the Liaison Office of the Central People’s Government in the HKSAR have responded to this issue. Like we said many times, Hong Kong is a special administrative region of China and the LegCo election is China’s sub-national election. We firmly support the HKSAR government and Hong Kong police in legally enforcing the law to uphold stability and rule of law in the Hong Kong society.

UK pledges support for victims of devastating floods in Pakistan

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The UK is providing life-saving clean water, sanitation and shelter to over 55,000 vulnerable people in Pakistan to help them recover from devastating floods.

UK pledges support for victims of devastating floods in Pakistan

The announcement was made by Lord (Tariq) Ahmad of Wimbledon, Minister of State for South Asia at the UK’s Foreign Commonwealth & Development Office, during a virtual visit to Pakistan where he also discussed with the Government of Pakistan how Britain could work with them to tackle climate change.

The £800,000 UK aid package will be given through the National Disaster Consortium (NDC) and will provide immediate relief in rural Sindh to many who have lost their homes. It comes on top of the UK’s distribution last week of emergency stocks including hygiene kits and tarpaulins to over 1,118 families in flood-affected districts of Sindh. The UK will coordinate closely with Pakistani authorities to ensure that aid gets to where it is needed most.

Lord Ahmad said:“Like everyone in the UK, I have been saddened to see the heart-breaking images of the flooding in Pakistan. The UK stands with Pakistan, ready to help, as entire communities have lost their homes, livelihoods and loved ones.

UK pledges support for victims of devastating floods in Pakistan

The UK aid announced today will ensure life-saving clean water, sanitation and shelter gets to those who need it most. The recent monsoon flooding serves as a stark reminder of how devastating natural disasters can be – and the dangers of climate change.

During my first virtual visit to Pakistan as a Minister of the Foreign, Commonwealth & Development Office, I also launched a year of climate action from the British High Commission ahead of COP26, which will save lives, create jobs and protect the environment.”

British High Commissioner Christian Turner CMG said:

“Following Pakistan’s remarkable success against Covid-19, it is important that we support strengthening systems against the devastating flooding”.

As part of Lord Ahmad’s virtual visit, the UK urged Pakistan to be ambitious and work together on a green recovery from COVID-19 as part of a UK-Pakistan year of climate change action, ahead of the UN Climate Change Conference, known as COP26, in Glasgow next year. He discussed with the Government of Pakistan how the UK can help the country transition to cleaner energy, emphasising that with the UK’s world-leading expertise in this area, it can help Pakistan make the most of opportunities from the rapidly falling cost of renewables.

Lord Ahmad was due to meet the Foreign Secretary Sohail Mahmood to exchange views on bilateral relations, and trade ties, and he also visited a UK-funded girls’ education programme in South Punjab. The UK has committed to ensuring every girl gets 12 years of quality education, and in Pakistan, the UK has supported nearly 8 million girls to attend primary and secondary school.

The Minister also visited the Polio Surveillance Centre, which is also the COVID-19 surveillance centre. He met the Coordinator National Emergency Operations Centre Dr Rana Safdar who briefed the Minister on Pakistan’s response to COVID-19. Lastly, he was scheduled to take part in a roundtable for media freedom, to be attended by notable media figures and digital rights activists in Pakistan to discuss media issues and how to tackle intimidation of female journalists.

SECP Policy Board are deeply concerned on the continued disappearance of Sajid Gondal (J D SECP).

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Islamabad: The Policy Board and the Commission are deeply concerned on the continued disappearance of Mr. Sajid Gondal (Joint Director SECP). We strongly condemn his abduction and would emphasize and urge the relevant authorities to immediately intervene and ensure his prompt recovery and to ensure that appropriate punitive measures are taken vis-i-vis the perpetrators in accordance with the law.

Gondal’s abduction adversely impinges upon the regulator’s image and efficacy by creating an adverse perception in the financial sector and capital market. This may also create unrest / unease within the staff of SECP, who need to have confidence in their ability to operate in good faith, without fear for their personal safety.

Karandaaz Pakistan Investment in Secure Logistics Group to create over 600 Additional Jobs

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ISLAMABAD: Karandaaz with the funding from the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO) has signed an equity investment deal with Secure Logistics (Pvt) Ltd (SLG). Karandaaz’s equity investment with added co-investment from an international investor, Saudi Bugshan Group (Bughsan Group) in SLG, totals to PKR 1.2 billion. The investment, in addition to enabling SLG to expand its existing long-haul fleet, will also help it in expanding into additional segments of short-haul distribution and warehousing – thus becoming a leading domestic 3 PL player offering “one-window solutions” to clients supported by an in-house vehicle and asset tracking capability. The investment is expected to create more than 600 direct and indirect additional jobs in the logistics sector of the country

Karandaaz Pakistan Investment in Secure Logistics Group to create over 600 Additional Jobs.

Ali Sarfraz, CEO Karandaaz, while speaking about the investment said, “We are pleased to announce our investment in SLG, one of the leading logistics service providers in the country. As a result, over 600 additional jobs will be created, through direct employment by SLG or indirect employment in the supply chain. The fresh capital will help the Company substantially scale the business, create jobs, help further corporatize the logistic industry, and add value to the domestic economy. We continue to hold on our commitment to make a positive impact on SMEs and the economy at the macro level by inducing growth capital and creating employment.”

Navid Goraya, the Chief Investment Officer of Karandaaz said, “Karandaaz is successfully diversifying its portfolio of investments in SMEs in different sectors. This investment along with the Bughsan Group in SLG will create a positive impact by demonstrating the ability of development capital to address growth barriers. Overall, this will bring improvements in the logistics sector. We are confident that the investment will induce growth and generate additional value for SLG in particular, and overall for SMEs operating in the sector.”

Gulraiz Khan, CEO SLG said, “SLG has been rendering a broad array of solutions specializing in Logistics and Vehicle Fleet Management Services across Pakistan. We are grateful to have UK’s FCDO, Karandaaz and Bugshan Group as our partners. The additional capital that our investors have entrusted us with, will not only help the Company in widening the scope of its operation but will also help to transform Secure Logistics into an end to end logistics player.”

According to the World Bank’s aggregated Logistics Performance Index (2012-18) Pakistan ranks at 95 among 167 countries. A strong logistics sector in a country will help in not only reducing the costs involved in transporting goods but will high quality logistics services also enhance the competitiveness of a country’s exports. Overall infrastructure and logistics services available in a country directly impact the national as well as international trade. The growth dynamics of the transport & logistics sector surpassed the annual growth rate of GDP during 1991 and 2016. It contributed 13.3% to the GDP in 2016-2017 and according to a 2018 paper of the Planning Commission Government of Pakistan; the logistics sector was responsible for the creation of approximately 3 million formal jobs.

Ehsaas undergraduate scholarship portal reopens to receive online applications for academic year 2020-21 till October 30, 2020

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Islamabad: The Ehsaas undergraduate scholarship portal has been reopened to receive fresh applications for the academic year 2020-21.All students with family income less than 45,000, studying in any year of an undergraduate program in any of the 119 public sector universities recognized by Higher Education Commission (HEC) are eligible to apply. Eligible students can apply through an online portal: https://ehsaas.hec.gov.pk/. The scholarship applications will have to mention the universities to which they are applying. The portal is open to new applications till October 30, 2020. For the year 2019-20, scholarships worth Rs. 4.827 billion were awarded to 50,762 undergraduate students nationwide.

The 4-year Ehsaas undergraduate scholarship initiative was formally launched by the Prime Minister Imran Khan on Nov 4, 2019. Under the program, every year, 50,000 students from low-income families will be awarded scholarships for 4 to 5-year undergraduate degree programs. Over four years, 200,000 undergraduate scholarships will be awarded on need and merit basis. Scholarships covers 100% of the tuition fee and a living stipend of 4,000 per month.

The geographical spread of the program covers all four provinces, AJK and GB. As part of the program design, 50% of awardees are girls and 2% of awardees are differently abled. Total budget over 4 years is Rs. 24 billion. The students’ academic performance will be monitored, and subject to satisfactory academic progress, scholarship recipients will continue to receive scholarship throughout their undergraduate programme

Commenting on the paradigm shift in the scholarship policy of the government, Dr. Nishtar said, “This program represents three major paradigm shifts. First, this is the largest-ever needs-based scholarship program. It is reserved for students from low-income families aiming to enable them to aspire for higher education. Second, it is the largest-ever national scholarship program and third, it is focused on enhancing the earning potential of the recipients.”

Higher Education Commission (HEC) is the lead implementing agency for the Ehsaas undergraduate scholarship program. Last year, 132,192 undergraduate students had applied for scholarships through the online portal. The scrutiny of applications received last year to award 50,762 scholarships was finalized early this year with all 119 public sector universities.

The project is being overseen by the Ehsaas Scholarships Steering Committee, co-chaired by Special Assistant to the Prime Minister on Social Protection and Poverty Alleviation, Dr. Sania Nishtar and Chairman HEC, Dr. Tariq Banuri. A joint monitoring and evaluation framework has been put in place to ensure transparency and equity.