The Board was apprised by the CEO ICT R&D Fund Co. Mr. Asif Roomi regarding latest status of the Tech-City incubation project. The Board was informed that 16 companies have submitted their Expression of Interest (EoI) in the pursuance of the advertisement circulated through National Newspapers. The Board directed the CEO to complete the process expeditiously by keeping in views the given timelines as approved by the Board.
Recommendation of Project appraisal Committee (PAC) regarding re-evaluation of 12 projects which were declared unsatisfactory earlier by auditors were also discussed in detail. PAC recommended continuation of 9 projects subject to certain conditions, 2 with some prerequisites and one project was recommended for termination. The Board approved PAC recommendations.
The CEO ICT R&D fund assured the Board that in view of the Audit report, necessary processes have been adopted in the company to ensure transparency & professionalism whilst awarding Research & Development projects.