ISLAMABAD:

Chief Executive Officer (CEO) of the Engineering Development Board (EDB), Hamad Ali Mansoor, said that under the Prime Minister’s PAVE (Pakistan Accelerated Vehicle Electrification) Scheme, the process of providing electric bikes, rickshaws and loaders on easy instalments, along with subsidy payments, has commenced.

The initiative aims to provide the public with affordable and environmentally friendly transportation while reducing the country’s dependence on fuel. Under the scheme, electric bikes are being offered a subsidy of up to Rs80,000, which is being directly transferred to the approved bank accounts of applicants through the State Bank of Pakistan (SBP). In addition, electric bikes and rickshaws are being provided on easy instalments through bank leasing.

Mansoor added that the government plans to provide approximately Rs9 billion in subsidies during the current fiscal year under the PAVE Scheme, with a target of exceeding Rs100 billion in subsidies by 2030. In the first phase of the scheme, subsidies are being provided to 41,000 recipients of electric vehicles, including 40,000 electric bikes and 1,000 electric rickshaws and loaders. He said the transfer of subsidy amounts to approved applicants in the first phase is progressing rapidly.

He further stated that the second phase of the scheme is about to begin and plans to provide subsidies on more than 78,000 electric vehicles. He clarified that only individuals who obtain electric bikes, rickshaws or loaders through an approved procedure under the PAVE Scheme will be eligible for the government subsidy.

The EDB CEO said that under the scheme, electric bikes are being made available on easy instalments to students, youth and women. He added that the government initiative is expected to help reduce fuel import bills, combat environmental pollution and promote alternative energy sources.