Punjab is getting closer to launching Pakistan’s first electric taxi service after the provincial government finalized how the project will be financed.

Although the plan was approved earlier this year, the updated framework explains the subsidies, vehicle choices, and how the service will operate.

In the first phase, about 1,100 electric taxis will be introduced in Lahore. Chief Minister Maryam Nawaz has approved a financing scheme under which banks will provide loans of up to Rs6.5 million for electric vehicles.

The government will cover the interest on these loans, while buyers will make a subsidized down payment. For vehicles priced between Rs4 million and Rs10 million, the Punjab government will pay Rs585,000 of the down payment on behalf of buyers, and the rest will be financed through banks.

Officials said Rs2 billion has been set aside for the project, which will initially use 1,100 Chinese-made electric vehicles. To support the service, 18 charging stations have already been built in Lahore, and more will be added gradually.

The electric taxi service is expected to lower travel costs, cut down pollution, and improve urban transportation in Punjab.

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