PESHAWAR: Chief Minister Khyber Pakhtunkhwa Mahmood Khan directed the higher education department to immediately prepare rules and regulations under the Higher Education Research Endowment Fund (HEREF) Act and present them in the next meeting of board of directors.
He was chairing the 5th meeting of board of directors of HEREF the other day at Chief Minister House Peshawar. Special assistant to Chief Minister for Information and Higher Education Kamran Bangash, Advisor for Science and Information Technology Ziaullah Bangash, administrative secretaries of concerned departments, vice chancellors of different universities and other senior officials attended the meeting.
The meeting confirmed the minutes of previous meeting and reviewed the implementation status of decisions taken in the last BOD meeting.
The chief minister directed that all the requirements should be met in time so that the objectives of endowment fund could be achieved.
The meeting formally approved a four-member investment committee headed by secretary higher education department which would ensure timely investment of seed money under HEREF. The meeting was informed that Higher Education Research Endowment Fund Act was enacted in 2014 initially with a seed money of Rs. 50 million which was later increased to Rs. 500 million adding that profit of seed money was being utilized to finance the research proposals of universities in different fields.
It was also disclosed that in the light of previous BOD meeting various research proposals of different public sector universities had been financed.
Mahmood Khan, on the occasion said that, purpose behind setting up of Endowment fund was to promote quality research in govt Universities by financing research proposals. He directed the relevant authorities to meet all requirements including formulation of rules and regulations without any delay.