Punjab Transport Department and Bank of Punjab formally on Wednesday signed Memorandum of Understanding (MoU) for the provision of 20,000 bikes to students on instalments, reported 24NewsHD TV channel.

The MoU was signed in the presence of Punjab Chief Minister Maryam Nawaz Sharif.

The MoU for the 20,000 bike project was signed by Transport Secretary Ahmed Javed Qazi and President Punjab Bank Zafar Masood.

Chief Minister Maryam Nawaz inspected the proposed electric and petrol bikes for students.

Chief Minister Maryam Nawaz asked about the price of the bikes and checked the quality.

Chief Minister directed to match the color of the bikes to the color of the Punjab government's green logo.

Talking on the occasion, the CM informed that registration of students for bikes will be started as soon as possible.

She told that 19,000 petrol and 1,000 electric bikes will be given to the students free of interest in monthly installments.

In collaboration with Bank of Punjab, government will give interest on providing bikes to students in easy installments, said Maryam Nawaz.

The CM said the monthly installment of petrol bike will be five thousand and the monthly installment of e-bike will be less than ten thousand.

Maryam Nawaz directed that after the draw in May, delivery of bikes should be started in the same month.

Senior Provincial Minister Mariam Aurangzeb, Provincial Advisor Parvez Rasheed, Provincial Information Minister Uzma Zahid Bukhari, Provincial Minister Transport and Mass Transit Authority Bilal Akbar Khan, Chief Secretary, Secretary Transport and Mass Transit, Finance, HED, Chairman PITB, President Bank of Punjab Zafar Masood, MD PMA, Secretary PTA Punjab, Secretary RTA Lahore and other officials were also present.

Reporter: Rao Dilshad