Govt approves interest-free loan scheme for e-bikes, e-rickshaws

The Economic Coordination Committee (ECC) of cabinet on Thursday approved a loan scheme for environment-friendly electric bikes (e-bikes) and electric rickshaws (e-rikshaws) on 0% markup to facilitate the youth.

The CEC approved various financial proposals of ministries and divisions — including the loan scheme during a meeting held with Finance Minister Senator Ishaq Dar in the chair.

“The 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,” according to a statement issued by the Ministry of Information.

In order to create a 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 the two and three-wheelers.

Under the scheme, interest-free loans worth Rs0.5 million will be provided to youth for a period of three years.

“The modalities of the scheme will be worked out by the Ministry of Induatries & Production in coordination with PMYB&ALS,” it added.

During the meeting, the 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 the 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 tonnes of sugar at a retail price of Rs95 per kg during the month holy month of Ramadan 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 similar patterns for the provision of sugar in other provinces/areas.