In an effort to empower the youth of Pakistan and promote environmental sustainability, the Economic Coordination Committee (ECC) of cabinet has recently approved a loan scheme for environment-friendly electric bikes (e-bikes) and electric rickshaws (e-rikshaws) on 0% markup. This move is aimed at encouraging the use of green transportation and supporting young entrepreneurs who are interested in this field.
During a meeting chaired by Finance Minister Senator Ishaq Dar, the ECC approved various financial proposals of ministries and divisions, which included the loan scheme for e-bikes and e-rikshaws. According to a statement issued by the Ministry of Information, the Ministry of Industries and Production presented a summary regarding financing facilities for electric bikes and e-rikshaws. They also presented details on the viability and demand of these vehicles, as well as the incentive structure for potential users to make electric bikes affordable.
The approval of the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for the two and three-wheelers will create a quick and sustainable demand for e-bikes/rickshaws in the country. The scheme will provide interest-free loans worth Rs0.5 million to youth for a period of three years. This will help in developing an eco-friendly transportation system that is affordable and accessible for young entrepreneurs.
The Ministry of Industries & Production, in coordination with PMYB&ALS, will work out the modalities of the scheme. This includes providing technical and financial assistance to the youth to help them establish their businesses.
This loan scheme is a great initiative that will enable the youth to start their businesses and become self-sufficient. It will also promote the use of electric vehicles and reduce the carbon footprint, which will contribute to a cleaner and greener environment.
During the meeting, the Ministry of National Food Security and Research also presented a summary on the price of sugar during the month of Ramadan. They briefed the meeting 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 decisions of the meeting, that PSMA Punjab Zone has agreed to provide 20,000 metric tonnes of sugar at a retail price of Rs95 per kg during the month of Ramadan for sale to the general public through the government of Punjab at the district level. The ECC further directed to make arrangements with other provincial PSMAs on similar patterns for the provision of sugar in other provinces/areas.
The ECC’s approval of the loan scheme and its efforts to ensure affordable sugar prices demonstrate the government’s commitment to providing financial support to the youth and promoting social welfare in the country. These initiatives will not only create job opportunities for the youth but also improve their living standards and contribute to the overall development of the country.
