ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Thursday approved Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) model for e-bikes/e-rickshaws.
The meeting of the ECC presided over by Finance Minister Ishaq Dar was submitted a summary by the Ministry of Industries and Production regarding financing facility for electric bikes (E-bikes) and E-Rickshaws. The ministry also presented details on the viability, demand of electric bikes, and incentive structure for potential users to make electric bikes affordable.
In order to create quick and sustainable demand of E-Bikes/Rickshaws in the country, the ECC after discussion approved PMYB&ALS model for E-Bikes/E-Rickshaws.
Move to incentivise e-bikes: ECC set to consider three options today
Under the scheme, clean loan up to Rs0.5 million will be given under Tier-I of PMYB&ALS at 0% markup rate for repayment in three years. This 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 ECC also approved the Ministry of Commerce summary regarding the declaration of Customs Station Angoor Adda as authorised export land route to Afghanistan and through Afghanistan to Central Asian Republics.
The ECC considered a summary of the Aviation Ministry and approved an increase in government guarantee related to US$ denominated loans of PIACL to the tune of Rs15,607,394,711 by enhancing the existing guarantee limit of Rs247.630 billion to Rs263.237 billion.
The Ministry of National Food Security and Research tabled a summary on the price of sugar during the month of Ramadan and briefed the meeting on the outcome of the Sugar Advisory Board’s meeting with the PSMA regarding retail price of sugar.
The ECC endorsed the decisions of the meeting that the PSMA Punjab Zone has agreed to provide 20,000 MTs of sugar at retail price of Rs95 per kg during Ramazan (till Eid-ul-Fitr) 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 pattern for the provision of sugar in other provinces/areas.
The ECC has approved Technical Supplementary Grants/Supplementary Grants;(i) Rs261 million in favour of the Ministry of Housing and Works for the execution of development scheme – Construction of railway underpass Jahanian, District Khanewal;(ii) US D 0.5 million equivalent to Rs142.5 million rupee cover in favour of Ministry of National Health Services, Regulations and Coordination, committed by the Saarc Development Fund for the standard package for strengthening preventive and curative activities for mental health and condition of Covid-19 research activities; (iii) Rs250 million in favour of Ministry of Housing and Works for repair and maintenance of Supreme Court of Pakistan building, judges residences, rest houses and sub-offices in various cities; (iv) Rs22 million in favour of Ministry of Foreign Affairs for payment of liabilities of electricity.
Copyright Business Recorder, 2023
Comments
Comments are closed.