ITU forms body for endowment fund

LAHORE: The Information Technology University (ITU) syndicate on Monday formed an investment committee for endowment fund.

The 5th meeting of the ITU syndicate was chaired by its founding Vice Chancellor Dr Umar Saif who is also chairman of the Punjab Information technology Board (PIBT). Speaking on the occasion Dr Umar Saif said ITU was devising programs to generate income through innovative applications to monetize the skills of faculty and students. He said that under the contract signed on June 12, 2017, between Information Technology University (ITU) Punjab and Infrastructure Development Authority Punjab (IDAP) state-of-the art purpose-built main campus of Pakistan’s first reached focused university would be constructed in the phase –I on 184 acres near Lahore airport at an estimated cost of Rs 5 billion in a period of 12 to 18 months.

Phase-1 would consist of construction of academic block, library, hostels, sports complex and faculty apartments while the facilities would cater the needs of 4,000 students and 500 faculty members, he added.

ITU being Pakistan’s first focused research university will have 150 modern labs in phase-1. The meeting was also informed that overwhelming response was witnessed in the admission process of ITU for BS Computer Science, BS Electrical Engineering, BS Management Technology, MS Computer Science, MS Electrical Engineering, MS Development Studies, Executive MBA (EMBITE), PhD Computer Science and PhD Electrical Engineering for the next session, which was highly encouraging for Pakistan’s IT industry as for the future progress, economic stability and growth, IT solutions were mandatory.

Referring to the scholarship and financial aid, Dr Umar Saif informed the meeting that generous, merit, need based and PEEF scholarships were being offered to the ITU Punjab students. So far, 780 students have availed this facility, which include 75pc by 196 students, 50pc by 184 students, PEEF 219 students and 100pc scholarship with stipend by all PhD students. The partnership with public policy for writing cases on various provincial development projects is being initiated, he added.

He said the Department for International Development (DFID) foreign-funded up to UK Pound 5000,000 helps to build capacity of the existing organizations in Pakistan to support evidence-based innovations in education. By 2019, 250,000 children between 5-16 years (50pc girls) would benefit from the programme, he said. The members including HEC Punjab’s Chairman Dr Nizzamuddin and others reviewed the financial and other matters of the university.