Lahore: (Thursday, May 24, 2018): Higher Education Commission of Pakistan and Punjab University have signed an agreement whereby HEC will release Rs 11.15 million to PU for the development of newly established Business Incubation Center (BIC) at Institute of Business Administration. In this regard, an MoU signing ceremony was held at vice chancellor’s office. PU Vice Chancellor Prof Dr Nasira Jabeen, IBA Director Mrs Sajida Nisar and other officials were present on the occasion. The purpose of this grant is to accelerate the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. It will also support linkages between academia/R&D institutions and the private sector and provide entrepreneurs with well equipped infrastructure. The management of BIC was handed over to IBA-PU in March, 2016. The meeting lauded Mrs. Sajida Nisar as she is profoundly committed to the cause of fostering SMEs and playing an instrumental role in effective management of BIC. In this regard, HEC representative conducted a survey of BIC on 26th March, 2018. After the survey, HEC gave an excellent report which resulted in final agreement signage. In this context, the networking efforts of Dr. Farah Shakoori, Director ORIC-PU are appreciable. This heralds an era of productive SMEs leading to a strong and robust economy. Punjab University continues to play a pivotal role in serving Pakistan’s society.