The present government has established the Chief Minister's Education Endowment Fund (CMEEF) with initial seed money of Rs. 500 million. The Fund is operated under the provisions of the Khyber Pakhtunkhwa Higher Education Scholarship Endowment Fund Act, 2014. The fund is governed by a Board of Directors (BoD) and Scholarship Management Committee constituted under the Act. The investment proceeds of the Fund shall be utilized for award of scholarships in the Approved Institutions. The scholarship shall cover all expenses ( tuition fee, lab, libraries, food, hostel charges) and monthly stipend worth Rs.5000/pm. The Scholarship shall be advertised by Higher Education, Archives & Libraries Department in leading national dailies.