EV stations for motorways approved

Policy draft proposes Rs39.75 per unit tariff for EV charging stations: November 01, 2024

ISLAMABAD:

The government has approved the setting up of 40 electric vehicle (EV) charging stations along motorways at a power tariff of Rs39.75 per unit in the initial draft of EV policy. The government is also mulling over extending financing to incentivise the production of electric two and three-wheelers. Sources revealed that in a recent meeting of the committee on EV policy, the Pakistan Banks Association (PBA), represented by Chairman Zafar Masud and others, presented a term sheet for providing incentives to stimulate the demand for electric two and three-wheelers.

Zafar Masud suggested offering Karachi Inter-bank Offered Rate (Kibor) plus 3% to incentivise banks but the chair noted that interest rate should not exceed Kibor plus 2.5%. Masud proposed a debt-to-equity ratio of 80:20, but the chair suggested a ratio of 70:30, as allowed by the State Bank of Pakistan (SBP). Secretary of the Ministry of Industries mentioned that it could be discussed with the SBP. He stressed the importance of providing insurance coverage for EVs, including battery theft.

Overall, the committee was satisfied with the proposed financing mechanism and it was agreed that the industries ministry and banks would refine the term sheet in collaboration with the Finance Division and the SBP.

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