THE P U N J A B EDUCATIONAL ENDOWMENT FUND () (A Company setup under Section 42 of the Companies Ordinance, 1984) Annual Report 2016
CONTENTS 01 Quaid-e-Azam s Message...1 02 Allama Muhammad Iqbal s Message...2 03 Company Information...3 04 Chairman s Message...4 05 Vice-Chairman s Message...5 06 Vision & Mission Statements...6 07 Objectives of...6 08 Governance Structure...7 09 General Body...8 10 Board of Directors...9 11 Functional Committees...10 12 Directors Report June 30, 2016...12 13 Key Operating & Financial Data...15 14 Statement of Compliance...16 15 Proactive Approach for Awarding Scholarships...22 16 Scholarship Policy 2016-17...................................... 2 3 17 Scholarship for other Provinces...25 18 Categories of Scholarships...26 19 Scholarship Stipend Rates...27 20 Master s Level Scholarships...28 21 Scholarship Update...30 22 Chamalang Beneficiaries Education. Program (CBEP)...31 23 -DFID Scholarships...32 24 Shahbaz Sharif Merit Scholarships Program... 34 25 Youth Development Centre (YDC), Murree...35 26 Financials...38
01 Quaid-e-Azam Message When you have got that light of knowledge by means of education and when you have made yourselves strong economically and industrially, then you have got to prepared yourselves for your defense-- defense against external aggression and to maintain internal security. (Presidential address at the conference of the Punjab Muslim Students Federation, March 2, 1941)
02 Allama Muhammad Iqbal Message (Zarb-e-Kaleem) Shua-e-Umeed
03 Company Information Board of Directors 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab Dr. Muhammad Amjad Saqib Mr. Muhammad Baligh-ur-Rehman, MNA Ms. Anusha Rehman Khan, MNA Ms. Bushra Anjum Butt, MPA Justice (R) Aamer Raza Khan Ms. Nusrat Jamil, Social Activist Dr. Muhammad Ajmal Khan, COO, Punjab Healthcare Commission Secretary Finance, Govt. of Punjab (Ex-Officio) Secretary Higher Education, Govt. of Punjab (Ex-Officio) Chairman PITB (Ex-Officio) (Chairman of Board) (Vice Chairman) (Director) (Director) (Director) (Director) (Director) (Director) (Director) (Director) (Director) Audit Committee 1) 2) 3) 4) 5) Ms. Bushra Anjum Butt Mr. Ahsan Chughtai Mr. Irfan Ilyas Mr. Farooq Hameed Secretary Finance, Govt. of Punjab (Ex-Officio) (Convener) (Member) (Member) (Member) (Member) Chief Executive Officer Dr. Kamran Shams Chief Financial Officer Mr. Muzaffar ul Haq Hashmi Company Secretary Mr. Umar Mukhtar Registered Office Punjab Educational Endowment Fund () Link Wahdat Road, Lahore.54600 Office Contacts Phone: 042-99260051-54 Fax: 042-99260055,042-37808709 Website:www.peef.org.pk
Chairman Message Knowledge economy is the driver of growth in developed world and it depends on the quality, quantity and accessibility of education. Every developing country aspiring to join the league of developed nations has to move up the ladder of educational standards and also to make it accessible and equitable for all sections of society. The Government of Punjab has placed education among its top priorities. Punjab Educational Endowment Fund () is an example of the key choices, we have made in our policy framework. The Government has allocated special funds of PKR 16 Billion for Punjab Educational Endowment Fund (), making it the largest endowment fund of its type in the region. is providing equitable opportunities of higher education to the meritorious students of Pakistan while upholding the best practices of management, transparency and merit. Money spent in education is an investment, not expenditure. is investing in people s personal and social development, reducing social disparities and thus fostering economic growth. I believe equitable distribution of resources and benefits is the key for sustainable development of Pakistan. is one policy initiative for bringing less privileged at par with the more affluent one s. The journey of from an idea to an established institution with financial facilitation and outreach to more than 150,000 deserving and talented students, across Pakistan, is a remarkable achievement. I am sure these scholars will take Pakistan forward and will make this country economically and industrially a force to reckon with. Going forward, I can foresee to grow and become an important institution in the development of country. Muhammad Shahbaz Sharif Chief Minister, Punjab / Chairman () 04
05 Vice-Chairman Message Punjab Educational Endowment Fund () was established in 2008-09 to achieve the vision of Muhammad Shahbaz Sharif, Chief Minister of Punjab to nurture the future generations of Pakistan. is the largest and one of its kind programme for funding educational opportunities for less privileged sections of society. with its endowment fund of Rs. 16 billion has provided scholarships to more than 150,000 bright and deserving students in seven years, enabling them to pursue their dreams of higher education and rise up the social ladder. The driving force behind is its Chairman, Muhammad Shahbaz Sharif; Chief Minister of Punjab, whose support and personal interest has been instrumental in the success of this programme. is changing the lives of many brilliant students who could not fulfil their aspirations because of the lack of financial resources. Now, these students are studying in the best educational institutions across Pakistan and abroad. I am sure,, in near future, will create a critical mass of highly educated human resource that is essential for the economic growth of Pakistan. Efforts of employees especially its Chief Executive Officer, Dr Kamran Shams, need to be applauded. They have shown great commitment and devotion. With the continuing support of the Government of Punjab, our donors, associates, Board members and staff, is better prepared than ever before for the challenges ahead. Dr. Muhammad Amjad Saqib Vice Chairman
06 Vision Statement Creation of a pool of talented Pakistani youth from less privileged background; contributing towards economic and social development to realize the dream of a moderate, progressive and prosperous Pakistan. Mission Statement Building a critical mass of human capital, participating in nation building; through provision of equitable opportunities to less privileged but academically brilliant boys and girls in Punjab. Objectives of has been established with the following objectives: Scholarship for talented and less privileged students to bring them at par with the more fortunate ones. Creation of a critical mass of talented youth for the development of society. Identification and support to extremely marginalized students through special quotas. Supporting the less privileged but outstanding students of other provinces, including AJK, ICT, FATA and Gilgit-Baltistan.
07 Governance Structure In conformity with Articles of Association of, the Governance model of is illustrated below: General Body Board of Directors Executive Committee Functional Committees
08 General Body A General Body, comprising of 21 members nominated by the Government of Punjab, is the supreme authority to act as a guiding force behind the Board of Directors. This body includes educationists, elected representatives, retired civil servants, business individuals and representatives from Government and civil society. Following is the list of members of the General Body of : Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Name Mr. Muhammad Shahbaz Sharif Dr. Muhammad Amjad Saqib Mr. Ahsan Iqbal Mr. Muhammad Baligh-ur-Rehman Ms. Anusha Rehman Khan Ms. Bushra Anjum Butt Qazi Adnan Farid Engr. Qamarul Islam Raja Justice (R) Aamer Raza Khan Prof. Dr. Fazal Ahmad Khalid Mr. Mehr Jiwan Khan Dr. Ali Cheema Dr. Shahid Siddiqui Dr. Muhammad Ajmal Khan Ms. Seema Aziz Ms. Nusrat Jamil Ex-Officio Ex-Officio Ex-Officio Ex-Officio Ex-Officio Profession / Designation Chief Minister, Punjab (Chairman) Vice Chairman Member National Assembly Member National Assembly Member National Assembly Member Provincial Assembly, Punjab Member Provincial Assembly, Punjab Chairman, Punjab Education Foundation Former Judge of the Lahore High Court Vice Chancellor, UET, Lahore Former Federal Secretary University Professor Vice Chancellor, AIOU Chief Operating Officer, Punjab Healthcare Commission Business Lady/Philanthropist & Education Manager Social Activist Additional Chief Secretary, Govt. of Punjab Chairman PITB Secretary Finance, Govt. of Punjab Secretary Higher Education, Govt. of Punjab Secretary Schools Education, Govt. of Punjab
09 Board of Directors The qualifications of the members of the Board of Directors (BoD), their roles, responsibilities, functions, term and the frequency of meetings of the Board, procedures to circulate minutes of meetings, communication and requirements to attend Board meetings are in accordance with Memorandum and Articles of Association of The Punjab Educational Endowment Fund. At present, Board consists of the following 11 members headed by the Chairman, Mr. Muhammad Shahbaz Sharif, Chief Minister Punjab. 1 Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab 2 Dr. Muhammad Amjad Saqib 3 Mr. Muhammad Baligh-ur-Rehman, MNA 4 Ms. Anusha Rehman Khan, MNA 5 Ms. Bushra Anjum Butt MPA 6 Justice (R) Aamer Raza Khan 7 Ms. Nusrat Jamil, Social Activist 8 Dr. Muhammad Ajmal Khan, COO, Punjab Healthcare Commission 9 Chairman PITB (Ex-Officio) 10 Secretary Finance, Govt. of Punjab (Ex-Officio) 11 Secretary Higher Education, Govt. of Punjab (Ex-Officio) (Chairman of Board) (Vice Chairman)
10 Functional Committees Introduction The Board of Directors (BoD) has constituted various functional committees in accordance with the Articles of Association to guide and advise the organization on various issues and policy matters. The rationale behind forming these committees is to guide, assist, add value and strengthen the organization in its working and accomplishing s Vision and Mission statements. These committees provide pedestal for good governance, transparency and check & balance which are necessary for an effective system of internal control and risk management. They also capitalize on the specific expertise and experience of the individual members which contributes to the refinement of the operational policies and expedites the decision making process on different issues. Objectives & Working i. Executive Committee: The main objective of this committee is to provide guidance and support to the company on strategic and tactical issues as they arise from time to time between Board meetings. ii. Procurement Committee: Procurement Committee approves various management purchase requests as per the authority given in the Delegation of Financial & Administrative Powers. Along with approval, the Committee monitors that the management has explored all necessary ways and means of obtaining cost beneficial services or products. iii. Recruitment & HR Committee: Recruitment & HR Committee is constituted to assist the Board of Directors in fulfilling its obligations relating to recruitment including performance, compensation, succession and safety matters along with ensuring that it provides strategic direction to the employees of the organization. The Committee also has to ensure that human resource of the contributes effectively towards the achievement of the vision of the organization. iv. Budget & Finance Committee: The Committee is expected to make budget and finance related decisions more broad based, transparent with built-in controls and aims to seek opinion from experts, staff and professional agents to review and analyze performance on a quarterly basis and make recommendations to enhance efficiency. v. Risk and Fund Management Committee: Fund Management Committee oversees successful and prudent operation of the Punjab Educational Endowment Fund s current income and potential income sources. Its main responsibilities are divided into two domains i.e. Fund Generation and Investment.
11 vi. Scholarship Management Committee: Scholarship Management Committee oversees the management of the Scholarship Programs run under the umbrella of. These scholarships are distributed among students of all districts of Punjab along with a special quota for other provinces & Punjab Board of Technical Education (PBTE), which necessitates rigorous management and logistics arrangements. This also involves timely coordination between and its stakeholders including Punjab Examination Commission (PEC) and all Boards of Intermediate and Secondary Education (BISEs) in Punjab, Focal Committees in each district, participating institutions, students, etc. vii. Rules, Procedures and Monitoring Committee: Rules, Procedures and Monitoring Committee has been constituted for the purpose of developing, implementing and review of administrative, operational, financial and MIS policies, procedures and guidelines and further to monitor and ensure compliance with all such policies in accordance with the Vision and Mission statements of. viii. Audit Committee: The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its fiduciary responsibilities by overseeing the organization s financial reporting, its operational functions related in particular to scholarship management and its disclosure activities, along with reviewing the overall policy framework from time to time. Frequency of Meetings: (As at June 30, 2016) Sr. No. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) Particulars General Body Board of Directors Executive Committee Scholarship Management Committee Rules, Procedures & Monitoring Committee (formerly Rules of Business Committee) Audit Committee Procurement Committee Risk and Fund Management Committee Recruitment and HR Committee Budget and Finance Committee TOTAL No. of meetings held 9 20 25 9 7 21 6 11 16 9 133
12 Director s Report June 30, 2016 The Directors of the Punjab Educational Endowment Fund () are pleased to present Annual Report and Audited Financial Statements of the Company for the year ended June 30, 2016 together with the Auditors Report thereon. Performance during the FY 2015-16: During the year under review, the Company has achieved another milestone of awarding 150,000 scholarships, in aggregate, worth Rs.7.4 billion. The Endowment Fund of the Company has reached Rs.15.987 billion as on 30th June 2016. The Govt. of Punjab has raised its annual allocation of funds to from Rs.2.00 billion to Rs.4.00 billion. Future Plan: As directed by the Chief Minister Punjab / Chairman, we are planning to reach the target of 200,000 scholarships till the end of 2016-17. Corporate Governance: The Board gives prime importance to conduct its business in accordance with the best corporate governance practices. The Board is committed to inculcate and maintain a healthy corporate culture, ethical business practices and a reliable and transparent system of financial reporting. Compliance with laws and regulations is strictly adhered to. As a result, good corporate governance principles have been ingrained in the Company s decision making and operating set-up, as well as, its monitoring processes. Code of Conduct for Directors and Employees: The Code of Conduct for Directors and employees strengthens the standard for professional and ethical behavior expected from the Directors and employees and binds them to demonstrate an honest and responsible attitude. The Code has been disseminated across the Company to all Directors and employees for compliance.
13 Internal Audit Function: The Board has set up an independent Internal Audit function, which is in compliance with the requirements of the Public Sector Companies (Corporate Governance) Rules, 2013, issued by the Securities and Exchange Commission of Pakistan (SECP). The scope of Internal Audit within the Company is clearly defined in the Internal Audit Charter which has been duly approved by the Audit Committee. The Audit Committee periodically reviews the appropriateness of resources and authority of this function. The Internal Audit personnel have unrestricted access to all Company records and information to effectively perform their duties. Casual Vacancy on the Board: Two (2) casual vacancies occurred on the Board due to transfer / posting of Secretary to the Govt. of Punjab, Higher Education Department and Secretary to the Govt. of Punjab, Finance Department, Ex-Officio Directors of. Composition of the Board: The status of each Director on the Board, whether non-executive, executive or independent has been disclosed in this report in accordance with the Public Sector Companies (Corporate Governance) Rules, 2013. Compliance Statement: The Directors are pleased to state that: a) The Board has complied with relevant principles of the Corporate Governance and has identified the rules that have not been complied with, the period in which such non-compliance continued, and reasons for such non-compliance; b) The financial statements, prepared by the management of the company, present its state of affairs fairly, the result of its operations, cash flows and changes in funds and reserves; c) Proper books of account of the Company have been maintained; d) Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting estimates are based on reasonable and prudent judgment; e) The system of internal control is sound in design and has been effectively implemented and monitored; and f) The appointment of the Chairman and other members of the Board and the terms of their appointment are in the best interests of the Company as well as in line with the best practices. None of the Director is being paid any remuneration. g) has received funds amounting to Rs.13.50 billion from the Govt. of Punjab for the Endowment Fund and Rs.1.50 billion for upfront usage up to 30th June, 2016. h) Key operating and financial data of last six (6) years is annexed. i) The value of investments (at cost) of Gratuity Fund as at June 30, 2016 is Rs. 23,405,278 million. j) During the year under review four (4) meetings of the Board of Directors were held and the attendance of each Director is as under:
Name of Directors 1. Mr. Muhammad Shahbaz Sharif, Chief Minister, Punjab (Chairman) 2. Dr. Muhammad Amjad Saqib, Vice Chairman 3. Mr. Muhammad Baligh-ur-Rehman, MNA 4. Ms. Anusha Rehman Khan, MNA 5. Ms. Bushra Anjum Butt, MPA 6. Justice (R) Aamer Raza Khan, Former Judge 7. Ms. Nusrat Jamil, Social Activist 8. Dr. Muhammad Ajmal Khan, COO, PHC 9. Secretary Finance, Govt. of Punjab (Ex-officio) 10. Secretary Higher Education, Govt. of Punjab (Ex-officio) 11. Chairman, PITB (Ex-officio) 14 No. of Meetings Attended 1 4 2 1 4 3 1 (The Board granted leave of absence to the directors who could not attend the meetings due to their pre-occupation). Auditors The auditors, EY Ford Rhodes, Chartered Accountants, retire and being eligible, offer themselves for re-appointment for the FY 2016-17. The Audit Committee and the Board of Directors have endorsed their re-appointment for Member s consideration at the forthcoming Annual General Meeting. Acknowledgement We are grateful to Allah, The Most Merciful, with whose benevolence we have collectively been able to progress and achieve the objectives of the Company. We would also like to thank all our stakeholders who have helped us come this far. Place: Lahore Date: 28th September, 2016 For and on behalf of the Board DR. KAMRAN SHAMS Chief Executive Officer
15 Key Operating & Financial Data Punjab Educational Endowment Fund () Key Operating and Financial Data of last six (6) years Financial Data (Rs. in 000 ) Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2014-15 2015-16 Key Operating Data 2010-11 2011-12 2012-13 2013-14
16 Statement of Compliance With the Public Sector Companies (Corporate Governance) Rules, 2013 Name of company: Name of the line ministry: For the year ended: The Punjab Educational Endowment Fund () Higher Education Department, Govt. of Punjab 30th June, 2016 I. This statement is being presented to comply with the Public Sector Companies (Corporate Governance) Rules, 2013 (hereinafter called "The Rules") issued for the purpose of establishing a framework of good governance, whereby a public sector company is managed in compliance with the best practices of public sector governance. II. The Company has complied with the provisions of the Rules in the following manner: Provision of the Rules Sr. No. Category Names Rule Y N Date of Appointment
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Committee Number of Members 18 Name of Chair
19 Name of Member DR. KAMRAN SHAMS Chief Executive Officer Category Professional Background DR. MUHAMMAD AMJAD SAQIB Vice Chairman / Independent Director
20 Explanation for Non-Compliance With the Public Sector Companies (Corporate Governance) Rules, 2013 We confirm that all other material requirements envisaged in the Rules have been complied with except for the following, towards which reasonable progress is being made by the company to seek compliance by the end of next accounting year Sr. No. Rule / Sub-Rule No. DR. KAMRAN SHAMS Chief Executive Officer Reasons for Non-Complinace Future Course of Action DR. MUHAMMAD AMJAD SAQIB Vice Chairman / Independent Director
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22 Proactive Approach for Awarding Scholarships
23 Scholarship Policy 2016-17 Rs.30, 000/- for Master s Level
24 Allocation of Scholarships for the Year 2016-17 The allocation of scholarships for the year 2016-17 is given below: Shahbaz Description Sharif Scholarship Scholarship Merit Allocation Allocation Scholarships (DFID) () (SSMS) Grand Total (A+B) 52,033
25 Scholarship Allocation for Other Provinces 2016-17 Other provinces / Territories Scholarship Allocation Level wise Allocation Secondary Intermediate Graduation Master s Khyber Pakhtunkhwa TOTAL 835 20 462 308 45
26 Categories of Scholarships The Punjab Educational Endowment Fund () scholarships have been classified into three major categories 1. Outreach merit Scholarships. 2. Special Quota Scholarships. 3. Scholarships for students of private affiliated institutions (www.peef.org.pk).
27 3. Scholarships for Private Institutions: PROCESS Secondary, Intermediate & Graduation Level The data obtained from Punjab Examination Commission (PEC), Matriculation or Intermediate Examination held by Board of Intermediate and Secondary Education (BISE) Punjab or Federal Board of Intermediate & Secondary Education (FBISE), Islamabad in annual. Only those students of private affiliated institutions are eligible for scholarships that were availing fee waiver/fee concession or scholarship at previous educational level. Data is sorted according to district and gender wise. Intimation letters & scholarship application forms are sent to the shortlisted students through the institutions last attended. Scholarships are awarded through the respective educational institutions where Scholars are currently enrolled on biannual basis vide-e-scholarship Card. Lists of awards are shared with District & Divisional Education offices and also uploaded on website (www.peef.org.pk) Scholarship Stipend Rates: Day Scholars Boarders Monthly Scholarship (Rs.) Monthly Scholarship (Rs.) S ECONDARY L EVEL 800 1,500 HIGHER SECONDARY LEVEL 1,500 3,000 2,500 4,000 3,000 4,500 For Students Studying In: GRADUATION LEVEL (B.A, B.SC.) PROFESSIONAL DEGREES, (MBBS, ENGINEERING) Scholars enrolled under the category of Boarders in Nine (9) Divisional Head Quarters of Punjab and Sialkot are entitled to 10% additional boarding allowance.
28 Master s Level Scholarships Eligibility Criteria: Note:
29 Scholarship Stipend Rates for Master s level studies: Following cost and stipends are paid to the selected scholars: a. Total tuition fee, admission fee, lab fee, examination fee and thesis fee (where applicable). b. also pays scholarship stipend to the selected scholars at the following rates: i. Day Scholar Rs. 3,000/- per month. ii. Boarder Rs. 5,000/- per month.
30 Scholarship Update Annual overview of number of scholarships and amount disbursed is given below Sr. No. YEAR Total SCHOLARSHIP NO. OF ACTIVE DISBURSEMENTS SCHOLARSHIPS SCHOLARSHIPS (In Millions) AWARDED 202,630 127,975 11,361
31 Chamalang Beneficiaries Education Program (CBEP), Balochistan Many students from Balochistan are enrolled in the Divisional Public Schools (DPS)/Boarding Schools of Punjab as per the tripartite agreement signed among Govt. of Balochistan, Chamalang Beneficiaries Education Program and Govt. of Punjab. Chief Minister, Punjab has desired that may administer the scholarship program while coordinating with the stakeholders. The update of CBEP is as follow : Chamalang Beneficiaries Education Program (CBEP) SR. NO. Divisional Public Schools (DPS) TOTAL ENROLLMENT TOTAL DISBURSEMENT 521 298,861,968
32 -DFID Scholarships Background : Punjab Educational Endowment Fund () and Department for International Development (DFID) UK Aid have signed Memorandum of Understanding (MOU) to provide scholarships worth Rs. 1.650 Billion to 29,000 meritorious and deserving students for Intermediate and Graduation Level Education in five (5) years. Intermediate level 28,500 scholarships were to be awarded to female students in 11 Less Developed Districts (LDD) of Punjab The target districts for Intermediate Level Scholarships for girls students under the DFID Scholarship Program are: Chiniot Layyah Muzafar Garh Lodhran Bahawalnagar Bhakar Vehari Dera Ghazi Khan Rajanpur Bahawalpur Rahim Yar Khan The partner Center of Excellence COEs to provide 500 scholarships for Graduation Level Scholarships are: LUMS COMSATS Lahore FAST Lahore GIKI Swabi COMSATS Islamabad NUST Islamabad NAMAL Mianwali The thourgh its efficient processes has awarded more than 33,000 scholarships against the target of 29,000 scholarships. Year Allocation Awarded 2013-14 2014-15 2015-16 2016-17 (In Process) 7,500 7,000 6,500 7,000 9,069 8,594 8,671 7,000 Total 29,000 33,334
33 District wise -DFID Scholarship Allocation for Intermediate Level Education 2016-17 Sr. No. Districts Bahawalnagar 1. Allocation 636 2. Bahawalpur 637 3. Bhakkar 637 4. Chiniot 637 5. Dera Ghazi Khan 637 6. Layyah 636 7. Lodhran 636 8. Muzaffargarh 636 9. Rahim Yar Khan 636 10. Rajan Pur 636 11. Vehari 636 Grand Total 7000
34 Shahbaz Sharif Merit Scholarships (SSMS) Program
35 Youth Development Centre (YDC), Punjab House, Murree
36 Detail of Training Sessions Conducted at YDC July 2015 to June 2016 Participants Sr. Programs No Total Male Females 646 383 No. of Training Batches Duration 1) 2) 3) 4) 5) 6) Punjab Board of Technical Education (PBTE) 7) 8) Grand Total: 1029 46
37 Celebrating Success 2nd Oct, 2015 - Aiwan-e-Iqbal, Lahore
Financials 2015-16 38
39 Sr. No. Period of TDRs Date of Maturity Rate of Interest p.a. Bank 15.44 TOTAL (A) Sr. No. 1) Period of TDRs 1 Year Date of Maturity December 30, 2016 TOTAL (B) TDR Amount (Rs. in billion) Rate of Interest p.a. 6.78% TDR Amount (Rs.) 547.000 million 547.000 million ENDOWMENT FUND AS ON 30 TH JUNE, 2016 (A+B) 15.987 Billion TOTAL AMOUNT OF THE ENDOWMENT FUND EXPECTED AS ON 30 TH JUNE, 2017 17 Billion (approx.)
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The Punjab Educational Endowment Fund () Government of Punjab Link Wahdat Road, Lahore-54600, Ph: 042-99260051-4 Fax: 042-99260055 www www.peef.org.pk facebook.com/the.