Banks back electric vehicles, smart homes, and subsystems

The banking sector has promised to fund electric vehicles, small and medium-sized businesses, and energy-efficient households in response to the government’s goal for broader financial inclusion, provided that consumer scorecard data is more readily available.

Finance Minister Muhammad Aurangzeb chaired a meeting with the banking industry to discuss strategies for creating a sustainable financial ecosystem.

Attendees included Governor State Bank of Pakistan (SBP) Jameel Ahmed and Pakistan Banking Association (PBA) representatives led by Chairman Zafar Masud.

Masud outlined PBA’s proposals, including SME financing, venture capital for fintechs, and corporate farming loans.

He also suggested short-term measures like electric vehicle financing, solar tube well subsidies, and SME support through markup subsidies.

Governor SBP highlighted regulatory progress on these initiatives and stressed the importance of data sharing with telecom and power companies to strengthen scorecards for agriculture and SMEs.

The finance minister appreciated the efforts and urged a swift rollout of short-term initiatives by December.

He assured full support for consultations with energy and telecom stakeholders to address data-sharing concerns. A meeting involving all parties will be hosted soon to finalize plans for implementation early next year.