Federal Govt. Approves Loan Scheme for Electric Bike and Riksha

On Thursday, the federal cabinet's Economic Coordination Committee accepted financial requests from Ministries and Divisions, including one for a loan programme for e-bikes and e-rickshaws with no markup. Ishaq Dar, the federal minister of finance and revenue, presided over today's meeting of the Cabinet's Economic Coordination Committee (ECC). The committee also gave its approval for Punjab to receive sugar during Ramazan at a price of 95 rupees per kilogram. Ishaq Dar, the federal minister of finance and revenue, presided over the Thursday meeting of the Economic Coordination Committee (ECC). 

The Ministry of Industries and Production provided information on the viability, demand, and incentive structure for potential users to make electric bikes cheap in a summary about financing options for electric bikes (E-bikes) and E-Ricksaws.

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The Prime Minister's Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws was authorized by the ECC after discussion in order to quickly and sustainably increase demand for them in the nation. A clean loan of up to Rs. 0.5 million will be provided under the plan's Tier-I (T1) of PMYB&ALS, with a three-year payback period and a 0% markup rate. In the current fiscal year, this facility will be open for up to 15,000 E-bikes/Ricksaws.