The Government College University Lahore Endowment Fund Trust (GCU EFT) Lahore has raised Rs 10 million for those students who cannot afford their academic expenditures. The amount was raised at a fundraiser chaired by Punjab Governor and Old Ravian Sardar Muhammad Latif Khosa while GCU Vice Chancellor Professor Dr Muhammad Khaleeq-ur-Rahman, EFT President Iqbal Z. Ahmad, Secretary Dr Khalid Manzoor Butt and noted businessmen from all over the country attended the annual fundraiser.
Speaking on the occasion, the Punjab Governor said that the world over nations have progressed by developing their educational institutions but unfortunately in Pakistan education was not given top priority. He said that endowment fund trust of Harvard University, US alone stands $32 billion and this was what which made the America superpower.
He said that student unions inculcate awareness among students and play effective role in their character building. He said that it was the Bukhari Auditorium of the GC University, which taught him art of public speaking and tolerance to face criticism. "This is where I am hooted and appreciated," he added. Addressing the ceremony, Vice Chancellor Professor Khaleeq revealed that the university Endowment Fund has swelled to Rs 128 million with the efforts of Old Ravians.
He said that he wanted to provide free education to all GCU students, but unfortunately resources did not allow him. However, he said that despite all the budgetary deficits, he had slashed the university fee by 35 percent and hostels charges by almost 50 percent. He said that the university was also giving financial aid to students from its own budget, besides GCU EFT would also give away 11 golden and 15 silver scholarships to students this year. He said that each golden scholarship covers the hostels and university fee of a student.
GCU EFT Secretary Professor Khalid Butt said that the trust endowment funds never spend the principle amount but the profit, they earn from the principal amount was spend on deserving students and development projects. He said if the philanthropists, Old Ravians and government supported, from 10 years now the trust would be providing scholarships to all the needy students of the university.
GCU EFT President, Iqbal Z. Ahmad announced a donation of Rs 2 million to the GCU Endowment Fund for initiating two life-time golden scholarships for deserving students, saying that new initiatives were being taken for further strengthening this trust which includes a plan to involve foreign NGOs and embassies in their donor network. He said that the Trust was also planning to hold fundraisers in Karachi, UAE and UK. Warid Telecom, Allied Bank and Bank Al-Habib also pledged to initiate golden scholarships for the GCU needy students, while scores of Old Ravians including Mian Misbah, Mian Asharf and Mian Muzaffar gave away donation of Rs 0.1 million to the Trust.