Pakistan signs agreement with IFC for promotion of EVs
- By Web Desk -
- Apr 23, 2025
Pakistan has inked agreement with the International Finance Corporation (IFC) for promotion of electric vehicles (EVs).
As per details, the Ministry of Industries entered into an agreement with International Finance Corporation with the support of Special Investment Facilitation Council for promotion of electric vehicles in Pakistan.
This will reduce fuel dependency and lower pollution levels.
As part of the partnership, IFC will provide technical implementation support and work with key regulators including the Engineering Development Board, National Energy Efficiency and Conservation Authority, and Pakistan Standards and Quality Control Authority to build institutional capacity and streamline the development of the e-2/3Ws market in Pakistan.
The signing ceremony was attended by senior government officials, policymakers, industry experts, and development partners.
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Speaking on the occasion, Special Assistant to Prime Minister for Industries and Production Division Haroon Akhtar Khan said a conducive policy and regulatory framework will encourage local manufacturing and enable the uptake of electric two and three-wheeler vehicles EVs.
He emphasized the need for concerted action to catalyze the adoption of electric vehicles in the country.
He noted that priority should be given to e-2/3Ws and electric buses, given their prevalence and socio-economic importance.
“Without improving this framework, it is highly unlikely that the national targets set for electric vehicle adoption will be met,” Mr. Khan noted, adding that focus areas must include localization of production, aggregated procurement, and mobilization of affordable financing through risk-sharing instruments.