The Economic Coordination Committee (ECC) of the Cabinet has granted its approval to the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) model for e-bikes and e-rickshaws. In a meeting presided over by Finance Minister Ishaq Dar, a summary submitted by the Ministry of Industries and Production was discussed with regards to financing facilities for electric bikes and e-rickshaws. The Ministry of Industries and Production also presented details on the practicality, demand, and incentive structure for potential users to make electric bikes affordable.
In order to create a rapid and sustainable demand for e-bikes and e-rickshaws in the country, the ECC has approved the PMYB&ALS model for these vehicles. Under the scheme, clean loans up to Rs0.5 million will be granted under Tier-I of PMYB&ALS at a 0% markup rate, to be repaid over a period of three years. This facility will be available for up to 15,000 e-bikes and e-rickshaws in the current financial year. The Ministry of Industries and Production will coordinate with PMYB&ALS to work out the modalities of the scheme.
This move is a part of the government’s efforts to promote the use of electric vehicles in the country and reduce the reliance on fossil fuels. The scheme is expected to encourage entrepreneurship and employment opportunities for the youth, while also contributing towards a greener environment. The PMYB&ALS model for e-bikes and e-rickshaws is expected to have a significant impact on the economy, and the government is hopeful that it will pave the way for further developments in the sector.
