Govt to provide electric bikes on easy 24-month instalments

Islamabad (Web Desk): The federal government has announced a plan to promote environment-friendly transportation by providing 116,000 electric bikes on easy two-year installment scheme.

The formal announcement of the initiative will be made by Prime Minister Shehbaz Sharif on August 14.
Under this scheme, each electric bike will receive a subsidy of 50,000 Pakistani Rupees, with the remaining amount payable in installments.

The estimated price of each bike is set at Rs250,000. Individuals aged between 18 and 65 years will be eligible to apply for the programme.

Seventeen companies have already obtained licenses to manufacture electric bikes as part of this initiative. The government aims for electric vehicles to constitute 30 percent of all vehicles on the road by 2030.

To support this target, a budget of Rs10 billion per year has been allocated over the next five years for subsidies under this scheme.

This ambitious plan not only aims to reduce environmental pollution and dependence on fossil fuels but also hopes to make affordable and sustainable transportation accessible to the general public while boosting local manufacturing and job creation in the electric vehicle sector.

More details about the application process and installment terms are expected to be revealed following the official announcement.