ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet in Pakistan has approved the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) for E-Bikes and Rickshaws , under which the facility of Rs 0.5 million would be provided with zero per cent markup for a period of three years.
The facility will be available for up to 15,000 E-Bikes/Rickshaws in the current financial year. The modalities of the scheme will be worked out by the Ministry of Industries and Production in coordination with PMYB&ALS.
The Ministry of Industries and Production submitted a summary to the ECC regarding financing facilities for electric bikes (E-Bikes) and E-Rickshaws. They presented details on viability, demand for electric bikes, and incentive structures for potential users to make electric bikes affordable.
Additionally, the ECC considered a summary of the Aviation Ministry and approved an increase in the Government of Pakistan guarantee related to USD denominated loans of Pakistan International Airlines Corporation Limited (PIACL) to the tune of PKR 15,607,394,711 (approximately USD 98,485,733) by enhancing the existing guarantee limit from PKR 247.630 billion (approximately USD 1.56 billion) to PKR 263.237 billion (approximately USD 1.66 billion).
The Ministry of Commerce submitted a summary to the ECC regarding the declaration of Customs Station Angoor Adda as an authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics.
Lastly, the Ministry of National Food Security and Research tabled a summary on the price of sugar during the month of Ramazan and briefed the meeting on the outcome of Sugar Advisory Board’s meeting with Pakistan Sugar Mills Association (PSMA) regarding the retail price of sugar.