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ISLAMABAD: The Economic Coordination Committee (ECC) has approved a loan scheme for E-Bikes and E-Rickshaws on zero percent markup, the Ministry of Finance said on Thursday.
Ishaq Dar, the federal minister of finance, presided over the ECC of the Cabinet meeting. The Ministry of Industries and Production presented a review of the funding options for electric bikes (E-bikes) and electric rickshaws during the conference.
According to the statement, the ministry provided information on the viability, demand, and incentive structure for potential consumers to help keep the price of electric bikes low.
Finance Minister Senator Ishaq Dar chaired meeting of the Economic Coordination Committee(ECC) of Cabinet and approved financial proposals of Ministries/Divisions including Loan Scheme for E-Bikes/E-Rikshaws on 0% markup and supply of sugar at Rs. 95/kg during Ramzan in Punjab. pic.twitter.com/GY5BR7koHP
— Ministry of Finance (@FinMinistryPak) April 13, 2023
“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.
According to the Ministry of Finance, the Ministry of Industries and Production would develop the scheme’s modalities in collaboration with PMYB&ALS.
The meeting was briefed on the findings of the Sugar Advisory Board’s meeting with the Pakistan Sugar Mills Association (PSMA) regarding the retail price of sugar. The Ministry of National Food Security and Research had a summary of the price of sugar during the month of Ramadan on the table.