The
Federal Cabinet has approved a scheme for launching dedicated
CNG buses in major urban cities of Pakistan for efficient
environment friendly and as an affordable Public Transport.
The Pilot phase of the scheme would start in Karachi during
the current year in collaboration with the Government
of Sindh and City District Government Karachi (CDGK) followed
by other major cities. The Government of Pakistan will
contribute a total of Rs. 677,181/- as subsidy over 5
years towards the cost of one bus which shall comprise
of Rs.300,000/- as upfront grant as part of down payment
and Rs. 377,181/- as mark-up subsidy payable in 5 years(on
monthly basis). It has been made mandatory for the operators/investors
to ply at least 25 buses for a single route. The total
amount, initially subscribed by the Federal Government
for this pilot project is Rs. 300 million.
2.
Any operator/investor ready to ply buses on different
green routes has to sign a concession agreement with City
District Government Karachi (CDGK) through Karachi Mass
Transit Cell (KMTC). The operators/investors may file
more than one application (in multiple of 25 buses) desirous
to operate buses on different routes.
3.
The banks desirous of giving advances/loans under this
scheme may approach SBP BSC Karachi for upfront grant
of Rs. 300,000/- per bus. In this regard, the banks shall:
(i)
complete their due-diligence based on the Concession Agreement
signed by Operators/ Investors with CDGK before approaching
SBP-BSC Karachi office for down payment.
(ii) immediately inform SBP, BSC Karachi about the financial
closure/deal with the operators/investors enabling them
to provide for the requisite amount from the pool of Rs.
300 million. This provision of amount once pledged shall
remain valid for 7 working days only as this scheme would
run till the exhaustion of Rs 300 million.
(iii) approach SBP BSC Karachi office for reimbursement
of mark-up subsidy on monthly basis, calculating 30 days,
from the date of first disbursement. In this regard, the
first monthly installment of mark-up subsidy shall be
disbursed by SBP BSC Karachi office, 30 days after the
placement of order with the supplier for procurement of
buses.
(iv)
provide an undertaking that a lien on the buses is properly
marked to safeguard the interest of the bank & Government.
(v) immediately inform SBP BSC Karachi office to enable
them to stop payment of mark-up subsidy in case where
mark-up or principal is overdue by 90 days or more from
the due date by the operators/investors.