OUR STAFF REPORTER LAHORE - The Punjab government Tuesday gave away a donation of Rs 50 million to the Government College University Endowment Fund Trust (GCU EFT). The amount was pledged by the Chief Minister at the oath-taking ceremony of the Old Ravians Union. The amount was released on Tuesday over the personal intervention of the Punjab Chief Minister. Later in the day, GCU EFT Executive Committee Secretary Prof Dr Khalid Manzoor Butt handed over the cheque of Rs 50 million to GCU EFT Chairman and Vice Chancellor Prof Ikramul Haq at a graceful ceremony at the GCU Syndicate Committee Room. GCU Treasurer Muhammad Shafiq Mughal was also present on the occasion. Prof Butt told the Vice Chancellor that the GCU Endowment Fund Trust has swelled to Rs 112 million with the induction of the amount released by the Punjab government. Speaking on the occasion, GCU VC Prof Ikram said that the amount would be spent on the education of deserving students and development projects of the university. He said that the world over universities have come forward by establishing their endowment funds with the help of their old students and corporate sector. Harvard University has an endowment fund of more than $35.474 billion, Yale has $20.225 billion and a small university like the University of Virginia has endowment fund of around $5 billion, he added. However, he said that GCU is the only public sector university in Pakistan which has an active endowment fund giving scholarships to deserving students. Prof Ikram said that around 2,500 GCU students apply for financial aid every year and due to limited financial resources it becomes difficult for the university to accommodate all the students. He said Endowment Fund Trust was established to bridge the gap. He said that GCU last year also gave away scholarships of Rs 11 million to deserving students from its annual budget and would continue with the practice. He thanked the Punjab Chief Minister for his generosity for the GCU Endowment Fund Trust.