The Economic Coordination Committee (ECC) of the cabinet on Thursday approved a loan program for environmentally friendly electric bikes (e-bikes) and electric rickshaws (e-rikshaws) with 0% markup in an effort to assist youth and help them become self-sufficient.
During a meeting with Finance Minister Senator Ishaq Dar presiding, the CEC accepted numerous budgetary proposals from ministries and divisions, including the loan program.
“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, the demand of electric bikes, and incentive structure for potential users to make electric bikes affordable,” according to a statement made by the Ministry of Information.
The Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for two and three-wheelers was approved by the ECC after discussion in order to quickly and sustainably increase demand for e-bikes and rickshaws in the nation. Youth will be given three-year, 0.5 million rupee interest-free loans as part of the program.
The Ministry of Industries & Production will develop the scheme’s modalities in collaboration with PMYB&ALS, it was said.
The meeting was attended by representatives from the Ministry of National Food Security and Research, which also provided a summary of the price of sugar during Ramadan and an update on the conclusion of a meeting between the PSMA and the Sugar Advisory Board addressing the retail price of sugar.
The PSMA Punjab Zone has agreed to deliver 20,000 metric tonnes of sugar at a retail price of Rs 95 per kg during the holy month of Ramadan for sale to the general population through the government of Punjab at the district level. The ECC approved these decisions at the meeting.
The ECC further instructed to negotiate terms with other provincial PSMAs for the provision of sugar in other provinces/areas along similar lines.