The Institute of Business Administration, or IBA, is a university and a business school in Karachi, Pakistan. According to the Higher Education Commission of Pakistan, IBA is one of the best business and IT institutes in Pakistan. The IBA was set up in 1955 in collaboration with the Wharton School of the University of Pennsylvania and is the first business school in South Asia set up on the US MBA model. The school has alumni who are leaders in industry, government, and academia in Pakistan and abroad. It started as a business school within the University of Karachi. IBA's status was elevated to become an independent, degree-granting institution in Pakistan in 1994 when it received a charter from the Sindh government. The United States (US) government and the IBA are to establish a centre for entrepreneurship at the school to support new businesses, help create Pakistani enterprises and link students with private sector venture capitalists. The centre is being funded with an initial investment of Rs.42.5 million ($500,000,) by US Aid. Babson College is assisting with that effort.