ECC approves PM's loan scheme for E-Bikes, E-Rickshaws

MG News | April 13, 2023 at 05:15 PM GMT+05:00

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April 13, 2023 (MLN): In order to create a sustainable demand for E-Bikes and E-Rickshaws in the country, the Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model.

Under the scheme, a clean loan of up to Rs0.5 million will be given under Tier-I (T1) of PMYB&ALS at a 0% markup rate for repayment in three years.

This facility will be available for up to 15000 E-Bikes/Ricksaws in the current financial year. The modalities of the scheme will be worked out by the Ministry of Industries & Production in coordination with PMYB&ALS.

Ministry of Industries and Production submitted a summary regarding financing facilities for electric bikes (E-bikes) and E-Ricksaws and presented details on the viability, and demand of electric bikes, and incentive structure for potential users to make electric bikes affordable.

The said meeting was presided over by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.

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