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ECC approves loan scheme to provide E-bikes, E-rickshaws on 0% markup

  • Amount of Rs250mn approved for repair and maintenance of the Supreme Court of Pakistan building, judges' residences, rest houses and sub-offices in various cities
Published April 13, 2023

The Economic Coordination Committee (ECC) approved on Thursday a loan scheme to provide E-Bikes/E-Rickshaws on zero percent markup and repayment in three years, read a statement released by the Ministry of Finance.

Federal Minister for Finance Ishaq Dar presided over the meeting of the ECC of the Cabinet. During the meeting, the Ministry of Industries and Production submitted a summary regarding financing facility for electric bikes (E-bikes) and E-Rickshaws.

As per the statement, the ministry presented details on the viability, and demand of electric bikes and incentive structure for potential users to make electric bikes affordable.

“In order to create quick and sustainable demand for 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, a clean loan of up to Rs0.5 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 up to 15,000 E-Bikes/Rickshaws in the current financial year,” read the statement.

Move to incentivise e-bikes: ECC set to consider three options today

The Ministry of Finance said the modalities of the scheme will be worked out by the Ministry of Industries and Production in coordination with PMYB&ALS.

Ministry of National Food Security and Research tabled a summary on the price of sugar during the month of Ramadan and briefed the meeting on the outcome of the Sugar Advisory Board’s meeting with Pakistan Sugar Mills Association (PSMA) regarding the retail price of sugar.

The ECC endorsed the decisions of the meeting, that PSMA Punjab Zone has agreed to provide 20,000 metric tons of sugar at a retail price of Rs95 per kg during the month of Ramadan (till Eid-ul-Fitr) for sale to the general public through the Government of Punjab at the district level.

The ECC further directed to make arrangements with other provincial PSMAs on a similar pattern for the provision of sugar in other provinces/areas.

Moreover, the ECC considered and approved the summary of the Ministry of Commerce regarding the declaration of Customs Station Angoor Adda as an authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics.

The ECC also considered a summary of the Aviation Ministry and approved an increase in GoP guarantee related to USD-denominated loans of PIACL to the tune of Rs15,607,394,711/- by enhancing the existing guarantee limit of Rs247.630 billion to Rs263.237 billion.

Moreover, the ECC approved technical supplementary grants/supplementary grants of Rs261 million in favour of the Ministry of Housing and Works for the execution of the development scheme i.e. construction of the railway underpass Jahanian, District Khanewal.

Govt makes three financing models for e-bikes

It also approved a grant of Rs142.5 million in favour of the Ministry of National Health Services, Regulations and Coordination, committed by the SAARC Development Fund for a standard package for strengthening preventive and curative activities for mental health and the condition of Covid-19 research activities.

Moreover, Rs250 million were approved for the repair and maintenance of the Supreme Court of Pakistan building, judges’ residences, rest houses and sub-offices in various cities. Whereas, Rs22 million were also granted in favour of the Ministry of Foreign Affairs for payment of liabilities of electricity.


Comments are closed.

Maqbool Apr 13, 2023 05:37pm
We seems to have a lot of money, for everything except for Elections
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Muhammad Sarwar Chauhan chohan Apr 13, 2023 05:55pm
وا جی واہ
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Haq Apr 13, 2023 06:05pm
Required comprehensive charging infrastructure due to limited range (60 - 100 km). Major cities have parking issue, dedicated (multi-story) parking lots will be required with charging stations (solar powered). Battery recycling must also be considered, if we really want to save environment for future generations.
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AmirSh Apr 14, 2023 02:08am
Another cheap trick of PML N to buy vote Bank. No money for elections and now this. Beware...Financial Czar-I$haq Dar. IMF will be not be happy with this now.
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Humayun Apr 14, 2023 02:36am
Pic for the article is a clear example of depth of our innovation.
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Muhammad Sabir Shaikh Apr 14, 2023 10:56am
Good, Positive step , but need support of ECC , PSQCA, EDB , FBR and MoIP for investment in tooling for making Plastic Parts of ElectricTwo wheelers, Scooters, Scooties manufacturing in Pakistan, all Small Assemblers are still 100 % CKD'S importing for EV's assembling...
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malik Ali Apr 15, 2023 05:57am
How can apply for
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Tulukan Mairandi Apr 15, 2023 02:45pm
Iron brother chinese e-bike
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Mehboob Ahmed Apr 20, 2023 04:17am
I want to purchase this E-Bike
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