ECC approves interest-free loan scheme for electric bikes and rickshaws to empower youth

On Thursday, the Economic Coordination Committee (ECC) of the cabinet approved a loan scheme with 0 per cent markup for environment-friendly electric bikes (e-bikes) and electric rickshaws (e-rikshaws) in a bid to facilitate youth and promote self-sufficiency.

The approval was given during a meeting chaired by Finance Minister Senator Ishaq Dar, where various financial proposals of ministries and divisions, including the loan scheme, were approved.

The Ministry of Industries and Production submitted a summary on the financing facility for e-bikes and e-rikshaws, presenting details on viability, demand, and incentives to make them affordable. In order to create a sustainable demand for these vehicles, the ECC approved the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for two and three-wheelers.

Under this scheme, interest-free loans worth Rs0.5 million will be provided to youth for a period of three years. The Ministry of Industries and Production will work out the modalities of the scheme in coordination with PMYB&ALS.

During the meeting, the Ministry of National Food Security and Research tabled a summary on the price of sugar during the month of Ramadan and briefed the attendees on the outcome of the Sugar Advisory Board’s meeting with the Pakistan Sugar Mills Association (PSMA) regarding the retail price of sugar.

The ECC endorsed the decision that PSMA Punjab Zone will provide 20,000 metric tonnes of sugar at a retail price of Rs95 per kg during the holy month of Ramadan for sale to the general public through the government of Punjab at the district level. The ECC also directed to make similar arrangements with other provincial PSMA for the provision of sugar in other provinces/areas.