Rs500,000 markup-free loan to be given for electric bikes, rickshaws

ISLAMABAD: The federal cabinet on Wednesday approved financing facility for electric bikes and rickshaws for increasing their common use.

A loan of Rs500,000 would be available under the Prime Minister’s Youth Business and Agriculture Loan Scheme at zero mark-up, which would help in saving significantly the country’s spending made on the import of costly fuel.

The meeting chaired by Prime Minister Shehbaz Sharif expressed its deep grief and sorrow over loss of precious lives in a blast in the Counter Terrorism Department Police Station, Kabal, Swat, and offered Fateha for the martyrs and prayed for the early recovery of the injured.

The prime minister directed the Ministry of Interior for inclusion of a federal government representative in the investigation process of the CTD Swat blast. He also directed for grant of similar Shuhada package to the deceased in the blast as had been given to those of the Peshawar Police Lines.

The cabinet also accorded approval to legislation over ‘Invest Pakistan’ initiative on the recommendation of the Board of Investment (BOI).

The legislation, would envisage establishment of an Investment Pakistan office under the BOI that would function under public-private partnership. The proposed legislation would help ensure provision of investment-friendly services.

The meeting also approved appointment of Syedain Raza Zaidi, a Grade-21 officer of Inland Revenue, on deputation as Karachi Port Trust chairman on the recommendation of the Ministry of Maritime Affairs.