On Thursday, the Economic Coordination Committee (ECC) of the federal cabinet met to approve several financial proposals put forth by Ministries/Divisions. These included a loan scheme for E-Bikes/E-Rikshaws with a zero percent markup. And the supply of sugar at a subsidized rate of Rs. 95 per kg in Punjab during the Holy Month of Ramazan. The meeting was presided over by Federal Minister for Finance and Revenue Ishaq Dar and attended by several other federal ministers, SAPMs, and senior officers.
The Ministry of Industries and Production presented a summary on financing facilities for electric bikes (E-bikes) and E-Rickshaws. They provided details on the viability and demand for electric bikes, as well as an incentive structure to make them affordable for potential users. In order to encourage the quick and sustainable adoption of E-Bikes/Rickshaws in the country, the ECC approved the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws. This scheme will offer a clean loan of up to Rs. 0.5 million at a zero percent markup rate for repayment over three years under Tier-I (T1) of PMYB&ALS. The facility will be available for up to 15,000 E-Bikes/Rickshaws in the current financial year. The Ministry of Industries & Production will work out the modalities of the scheme in coordination with PMYB&ALS.
The ECC also considered and approved the Ministry of Commerce’s summary regarding the declaration of Customs Station Angoor Adda as an authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics.
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