CM of course when it comes to improving education system even $500 Millions are just not enough. You also mentioned donating to charities, sure charities are doing great work in Pakistan. Now lets look at this from different perspective.
What is your take on children who are NOT orphans and don't go to school because their parents simply can't afford it? Our main problem is POVERTY, the families are struggling to bring bread to the table for their children & idea of sending their children to school for them is nothing but a luxurious dream. Some charities are running schools for orphans, but there is no financial support for deserving children. We are facing the same problem when it comes to young adults. There are schools and institutions to provide them polytechnic education but they can't afford it. In situation like these, individuals who have resources come into picture. Basic education in Pakistan is not expensive (I am not talking about English medium money making private schools here), it costs less than RS5000 per student per anum for basic schooling and under RS10000/student for polytechnic education (Also the fee for Government run PROFESSIONAL institutes is well under RS10000). If one well off individual sponsors 5 students in his local area annually then he can change future of 5 families. Our problem is that we think about bringing change on a grand level and we do not consider that the minor contributions which we can make may bring grand changes in long run.
Great idea and it fills a much needed gap. But how does one get the money there? Make sure its used for the purposes it is intended for etc. There are a lot of problems in Pakistan mainly in the social sectors where the government has failed miserably. I am by no means saying one should not donate, they should. However expectations should be realistic.
That is why I have said either support an existing charity or set up one to do the work necesary.