based economic development and ensure long term economic growth, says an official statement. The first agreement is part of the US government's five-year economic growth assistance package to Pakistan worth more than $73 million while the second one is to allow the Competitiveness Support Fund (CSF) to partner with Pakistan's Higher Education Commission (HEC) in support of initiatives that promote knowledge-based economic development. This bilateral agreement commits $ 13.7 million for 2006 on the part of USAID (US Agency for International Development). Addressing the signing ceremony, US Ambassador to Pakistan, Ryan C Crocker said the funding will enable USAID to provide over 130,000 loans for micro and small businesses in the four provinces as well as FATA, and enable assistance to more than 50,000 farmers in drought- affected areas of Balochistan with new seeds, livestock and irrigation systems. He said the collaboration between HEC and CSF will bring research in higher education and apply it to industrial and commercial development. HEC Chairman Dr. Atta-ur-Rahman expressed his pleasure at the realization, though a few decades belated, importance of innovation and entrepreneurship. He shared his excitement at the opportunity of unleashing of the creative talents of the country's 80 million youth through the wide ranging programmes offered by HEC for higher education. Rahman mentioned the foreign scholarships through which 400-500 students were being sent abroad for studies while the indigenous scholarships programme was providing the opportunity to students to pursue their doctoral level trainings within Pakistan. He said to further enhance the strength of faculty in universities, the Foreign Faculty Programme was operating successfully in attracting faculty members working abroad to return to Pakistan and enrich the academic environment. Rahman said further plans were afoot to develop major initiatives with US in the field of science and technology, apart from the largest Fulbright Programme which was in operation in Pakistan. One of CSF's main objectives is to develop and support linkages between academia and industry for knowledge-based enterprise development. The CSF will provide matching grants to the academic community for projects that commercialize their research. It will also help them partner with the business community to start and develop new enterprises and encourage the private sector and local governments to contribute financing to relevant research.
