Procurement of electric bikes: Punjab govt to provide financial aid to students to help reduce pollution

LAHORE: In order to minimize pollution in the city, Punjab government has decided to provide financial assistance to the students to purchase electric bike on easy installments with the collaboration of Bank of Punjab.

This was decided in the meeting held here on Monday. Provincial Minister for Planning and Development Bilal Afzal, along with Chairman P&D Board Iftikhar Ali Sahu, presided over a meeting at the P&D Board. The meeting reviewed proposals from the committee established by the Punjab government to provide electric motorcycles to students.

According to sources, Transport Secretary Ahmed Javed Qazi provided a comprehensive briefing during the meeting, covering various manufacturers, prices, and market analysis of electric bikes. He elucidated the proposed entry conditions for applicants, details of the computerized draw, and the online application process facilitated by PITB.

Additionally, the Bank of Punjab presented a briefing on a “Post-Purchase Reimbursement Model” for the supply of electric motorcycles, offering different proposals for credit value and discount. The bank emphasized maintaining a lower interest rate for students compared to other loans and committed to presenting a viable financial model (green financing) to the committee.

Provincial Planning and Development Minister Bilal Afzal directed the committee to formulate a rational model, emphasizing the submission of a report with feasible proposals to the Punjab Cabinet for approval. The chief minister Punjab and the Cabinet will determine the expenditure and discount rate for the electric bike supply programme.

Minister Bilal Afzal highlighted the environmental benefits of the programme in controlling pollution in Lahore and approved the formation of a sub-committee led by chairman P&D Board.

The sub-committee will include representatives from DG Excise and Taxation, Traffic Police, Bank of Punjab, along with Secretaries of Transport and other departments, and its meeting is scheduled for the next week.

Chairman P&D Board Iftikhar Ali Sahu disclosed that the Bank of Punjab would present a viable subsidy model based on a soft lease in the upcoming sub-committee meeting.

He clarified that, initially, the scheme would benefit only students of universities and colleges. Sahu stressed the importance of universities and colleges taking responsibility for the scheme’s success.

Copyright Business Recorder, 2023