ISLAMABAD – Pakistani government, in its EV Policy, set the Electric Vehicle penetration target of 50 percent of new sales of two and three-wheelers EVs by the year 2030.
To achieve the target, and make E-vehicles affordable, the Economic Coordination Committee of the federal cabinet approved financial proposals for a Loan Scheme for E-Bikes/E-Rikshaws on zero percent markup.
Finance Minister Ishaq Dar spearheaded the meeting of the ECC which was also attended by the Federal Minister for Power, the Commerce Minister, the Federal Minister for Industries and Production, and several aides of the Prime Minister.
During the meeting, Industries and Production Minister submitted a summary for financing facilities for electric bikes and E-Ricksaws and presented details on the viability, in another bid to make electric bikes affordable in the fifth most populous country.
Loan scheme
The official gave decided to merge Prime Minister’s Youth Business & Agriculture Loan Scheme model with launch of E-Bikes/E-Rickshaws.
In the first option, a loan of up to Rs5lac will be given under Tier-I (T1) of Prime Minister’s Youth Business at a zero percent markup rate for repayment in three years. At least 15,000 can avail of this facility in the current FY.
E-Bike with lithium battery and specific standards will cost over Rs0.2 million. The government earlier mulled several options to boost EVs in South Asian nation which is battling air pollution.
