The Ministry of Finance has released Rs3.12 billion to the Higher Education Commission (HEC), sources said Monday.

According to HEC sources, about 10,000 scholars will get benefit from the fund.

The sources further said the funds released by the Finance Ministry would be utilised for foreign scholarships and development projects.

Federal Minister for Education and Training Sheikh Waqas Akram had said on Saturday that his ministry was making efforts for resolving the lingering issue of provision of funds between the HEC and the Ministry of Finance.

Funds for the HEC had not been released for the last six months which was impacting the studies of 7,000 Pakistani students studying abroad. However, the funds were ultimately released Monday.