KARACHI, July 2: The Pakistan Software Houses Association (PASHA) has signed an agreement with the Hong Kong based venture capital fund, Access Capital.

Under the agreement the Access Capital will fund 4.4 billion dollars projects in Pakistan to be identified by PASHA.

This was stated by the President of PASHA, Syed Hamza Matin, at a press conference on Tuesday.

He termed this agreement as a major breakthrough, which will immensely benefit the IT industry in the country.

Hamza Matin pointed out that it is 90 per cent of all the venture fund in Asia.

He said that the Access Capital will come up with equity financing of software houses in Pakistan identified by the PASHA.

He further maintained that the PASHA has also entered into an agreement with the United Nations Industrial Development Organization (UNIDO).

Under this agreement, he added, UNIDO will fund millions of dollars for the development of the IT industry in Pakistan.

Criticizing the performance of the Pakistan Software Export Board (PSEB), the president of PASHA demanded that the PSEB should be assigned a new role removing all marketing activities from its mandate.

He also suggested that the PSEB should be renamed as Pakistan Software Enabling Board which should work for trade facilitation, equipment NOCs, visa assistance, trade delegation logistics and schedules, etc.

PASHA chief was of the view that the board of governors/ directors of PSEB should be reconstituted and that in the place of its incumbent managing director some one from the IT industry should be appointed.

He also asked the ministry of science and technology to appoint an IT adviser in the ministry who has extensive experience of the country’s IT industry.—APP