ISLAMABAD, Pakistan: The Federal Cabinet on Wednesday approved the decision made in the meeting of the Economic Coordination Committee (ECC) held on April 13, 2023 with regard to the provision of financing facility for common use of eco-friendly Electric Bikes (E-Bikes) and Electric Rickshaws (E-Rickshaws).
As per the decision made by the ECC in its meeting, a loan of Rs 500,000 will be given with zero percent markup for repayment in three years under Tier-I (T1) of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS).
The facility will be available for up to 15000 E-Bikes/Rickshaws in the current financial year.
Through the initiative, the Country will save a lot in terms of importing expensive fuel from abroad.
The summary regarding financing facility for E-bikes and E-Rickshaws had been submitted by the Ministry of Industries and Production in the ECC meeting with details on viability, demand of electric bikes and incentive structure for potential users to make electric bikes affordable.
Meanwhile, in the Federal Cabinet meeting, an approval was accorded to legislation for Invest Pakistan on the recommendation of the Board of Investment.
Under the legislation, an office for Invest Pakistan will be established under the Board of Investment (BOI) which will work under public-private partnership. The legislation will also help ensure the provision of investor-friendly services.
On the recommendation of the Ministry of Maritime Affairs, the Federal Cabinet approved the appointment of Syeden Raza Zaidi a Grade 21 Officer of the Inland Revenue Service as the Chairman of Karachi Port Trust on deputation basis.
