Islamabad April 13 2023: Economic Coordination Committee approved loan Scheme for E-Bikes/E-Rikshaws on 0% markup to reduce import bill and reduce carbon footprint.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.
Ministry of Industries and Production submitted a summary regarding financing facility for electric bikes (E-bikes) and E-Ricksaws and presented details on viability, demand of electric bikes and incentive structure for potential users to make electric bikes affordable. In order to create quick and sustainable demand of E-Bikes/Rickshaws in the country, the ECC after discussion approved Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws. Under the scheme, clean loan upto Rs. 0.5 million will be given under Tier-I (T1) of PMYB&ALS at 0% markup rate for repayment in three years. This facility will be available for upto 15000 E-Bikes/Ricksaws in the current financial year. The modalities of the scheme will be worked out by the Ministry of Induatries & Production in coordination with PMYB&ALS.
Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for National Food Security & Research Chaudhry Tariq Bashir Cheema, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Coordinator to the PM on Economy Mr. Bilal Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.
