ISLAMABAD : To help accelerate the adoption of electric mobility in Pakistan, the Ministry of Industries & Production has signed an agreement with the International Finance Corporation (IFC) that will promote investment in twoand three-wheel electric vehicles.

The project will support policy, regulatory, and standards-related reforms to create an enabling environment for investment across the value chain, helping to fill market gaps and remove legal and regulatory barriers.

The IFC will provide technical implementation support and work with key regulators, including the Engineering Development Board (EDB), National Energy Efficiency and Conservation Authority (NEECA), and Pakistan Standards and Quality Control Authority (PSQCA), to build institutional capacity and streamline the development of a market for such vehicles in Pakistan.

The signing ceremony was attended by Haroon Akhtar Khan, special assistant to prime minister for Industries and Production Division and other officials.

The PM`s aide expressed confidence that a conducive policy and regulatory framework will encourage local manufacturing and enable the uptake of two and threewheel electric vehicles.

With more than 23 million two and three wheelers on road, electric vehicles account for less than one percent of Pakistan`s transport fleet.

Zeeshan Sheikh, IFCs Country Manager for Pakistan & Afghanistan said that corporation was committed to accelerating the shift to cleaner transport solutions that reduce reliance on imported fuels and improve urban air quality.