Islamabad (Commerce Desk)Delays in the implementation of the Prime Minister’s subsidized electric bike scheme have led the government to approve significant amendments to the policy.
According to details, the lack of expected cooperation from commercial banks has affected the program’s targets. Out of the applications received by banks, only 4,075—around 9%—were approved, making it difficult to achieve the target of distributing 116,000 electric bikes in the current financial year.
The Economic Coordination Committee (ECC) has approved changes in the Pakistan Accelerated Vehicle Electrification Programme, stating that the initiative aims to promote the use of electric bikes, rickshaws, and loaders through subsidies.
Data shows that so far only 5,409 electric bikes and rickshaws have been distributed, which is just 4.5% of the annual target. Out of 44,689 applications submitted to banks, only 22% were processed, while the approval rate remained very low.
In contrast, better results have been seen under the self-finance model, where almost all applicants received electric bikes and the majority also benefited from government subsidies.