ISLAMABAD, Dec 17: Pakistan and the United States on Saturday signed an agreement on a new $157.5 million Fulbright scholarship programme spread over a period of five years for 750 students pursuing MS and PhD degrees.

The funding for the MS and PhD degrees, involving a $105 million commitment by the United States and $52.5 million by the HEC, brings Pakistan to the top of the list on Fulbright programme.

The Memorandum of Understanding (MoU) was signed by the Higher Education Commission (HEC) Chairman Dr Attaur Rehman and the Executive Director of United States Educational Foundation in Pakistan (USEFP), Dr Grace Clark, and was witnessed by US Ambassador Ryan C. Crocker.

Dr Ata said Pakistan was working on a strategy to move forward from agro-based to knowledge-based economy by unleashing the creativity of its younger generation.

He said the programme would provide an opportunity to the young students to be part of the socio-economic development of the country.

He was appreciative of the United States for helping the country in “a really big way” and said students would get admissions in top US universities in many disciplines; including basic and applied sciences, information technology, bio- technology, management, economy, etc.

The US ambassador termed the signing a “historic” moment that would expand cooperation and bring the two countries closer.

He said Pakistan would top the list of 140 countries that compete for Fulbright scholarships. Dr Grace Clark described the signing as a “momentus occasion”.

Under the programme Pakistan would contribute $10.5 million to the programme annually for five years, while the US Agency for International Development will provide $4.5 million annually for the same period.

About 50 students would be funded annually for the PhD programme while 100 for the MS programme.—APP