ECC okays e-bike, rickshaw loan facility

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The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) model 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.

“Under the scheme, clean loan up to Rs 0.5 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 upto 15,000 E-Bikes/Ricksaws 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”, said a press release. The ECC met with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair, considered and approved summary of Ministry of Commerce regarding declaration of Customs Station Angoor Adda as authorized export land route to Afghanistan and through Afghanistan to Central Asian Republics.

Ministry of Industries and Production submitted a summary regarding financing facility for electric bikes (E-bikes) and E-Ricksaws and presented details on viability, demand of electric bikes and incentive structure for potential users to make electric bikes affordable. The ECC considered a summary of Aviation Ministry and approved increase in GoP guarantee related to USD denominated loans of PIACL to the tune of Rs. 15,607,394,711/- by enhancing the existing guarantee limit of Rs. 247.630 billion to Rs. 263.237 billion.

Ministry of National Food Security and Research tabled a summary on price of sugar during the month of Ramazan and briefed the meeting on outcome of Sugar Advisory Board’s meeting with Pakistan Sugar Mills Association (PSMA) regarding retail price of sugar. The ECC endorsed the decisions of the meeting, that PSMA Punjab Zone has agreed to provide 20,000 MT of sugar at retail price of Rs 95 per kg during the month of Ramazan (till Eid-ul-Fitar) for sale to general public through the Government of Punjab at district level. It further directed to make arrangements with other provincial PSMAs on similar pattern for provision of sugar in other provinces/areas.

The ECC approved Technical Supplementary Grants including Rs261 million in favour of Ministry of Housing and Works for execution of development scheme-Construction of railway underpass Jahanian, District Khanewal and $0.5 million equivalent to Rs142.5 million cover in favour of Ministry of National Health Services , Regulations and Coordination, committed by SAARC Development Fund for standard package for strengthening preventive and curative activities for mental health and condition of Covid-19 research activities.

The ECC also approved Technical Supplementary Grants of 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 and Rs. 22 million in favour of Ministry of Foreign Affairs for payment of liabilities of electricity. Minister for Power Khurram Dastgir Khan, Minister Commerce Syed Naveed Qamar, Minister for Industries and Production Syed Murtaza Mahmud, Minister for National Food Security and Research Chaudhry Tariq Bashir Cheema, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Coordinator to the PM on Economy Bilal Azhar Kayani, federal secretaries and other senior officers attended the meeting.