Pakistan, IFC ink deal to drive electric mobility shift

ISLAMABAD: The Ministry of Industries and Production Friday inked a cooperation agreement with the International Finance Corporation (IFC) to unlock investment in electric two-and-three wheeler vehicles that make up the bulk of the country’s 23 million-strong fleet.

The advisory project aims to overhaul Pakistan’s policy, regulatory and standards framework for e-2&3 wheelers, creating an environment that supports large-scale investment across the electric mobility value chain. The initiative also backs the government’s National Electric Vehicle Policy (NEVP) targets, which envision 30 per cent of vehicles in Pakistan running on electricity by 2030.

As part of the agreement, the IFC will provide technical support and collaborate with regulators including the Engineering Development Board, National Energy Efficiency and Conservation Authority, and the Pakistan Standards and Quality Control Authority to strengthen institutional capacity and develop safety and manufacturing standards.

“A conducive policy and regulatory framework will encourage local manufacturing and enable the uptake of electric two and three-wheeler vehicles,” said Haroon Akhtar Khan, Special Assistant to the Prime Minister (SAPM) on Industries and Production Division. “Without improving this framework, it is highly unlikely that the national targets set for electric vehicle adoption will be met,” he said.