LAHORE, July 23: The Punjab government decided on Tuesday to set up a Rs1 billion endowment fund to alleviate poverty and promote higher education in rural areas.

An annual cess of Rs5 per acre on 25 million canal-irrigated acres was also sanctioned to generate Rs125 million to meet educational expenses of 30,000 students belonging to villages in the province.

However, the proposal to impose education cess in rural areas was turned down.

The decisions were taken at a meeting presided over by Punjab Governor Khalid Maqbool here on Tuesday.

The governor directed that Rs40 million income being generated from Rs570 million endowment fund running under the Board of Revenue should be granted to girls and boys from villages studying at matriculation, intermediate, graduation and post-graduation level.

A ‘land acre gift scheme’ would be launched in this regard.

In order to alleviate poverty and promote higher education in backward areas, the meeting decided to offer scholarships to intelligent students desiring to acquire higher education under the Agri Acre Gift Fund (Trust).

The meeting was informed that the Agri Acre Gift Fund network had been operative in Faisalabad and Toba Tek Singh for the last five decades would be extended in the entire province.

It decided to set up Board of Trust for Agri Gift Fund at district level which would be headed by the District Nazim. The board would include two local councillors, agriculture experts, educationists, a woman social worker and a local industrialist.

The meeting was also told that a Land Commission Fund, headed by the Punjab governor, had been established. Punjab minister for revenue, senior member of the Board of Revenue and education department authorities will be the members.

The meeting also constituted two committees to ensure award of scholarships to postgraduate and undergraduate students at the rate of Rs2,500 and Rs1,000 per annum, respectively.

Boarders studying MA, MSc courses would be given annual scholarships of Rs15,000, while the students of medical, engineering and postgraduation in IT would be given Rs25,000 annual scholarships. Day scholars studying in MA, MSc courses, medical, engineering and postgraduation in IT would be entitled to get one third of Rs15,000 and Rs25,000 scholarships.

The meeting was also informed that Rs150 million fund, which could not be utilized, would also be provided to PhD students under the head of foreign scholarship.