Islamabad: Finance Minister Muhammad Aurangzeb has reaffirmed full commitment of Finance Ministry to supporting the Prime Minister's Fan Replacement Program.
According to Radio Pakistan, in a statement today, he termed it as a critical initiative for energy conservation, fiscal responsibility, and climate action. The Minister said that the Ministry will continue to provide all necessary support to the Power Division to ensure its successful implementation and rapid scaling.
Highlighting the Ministry's role, the Minister said that Ministry of Finance has allocated two billion rupees in the budget as a ten percent first-loss risk guarantee. This facility is designed to encourage banking institutions to actively participate in the program by mitigating initial credit risk and facilitating financing for consumers seeking fan replacement.
He further shared that although the program was formally launched today, a pilot phase has already been conducted in collaboration with the State Bank of Pakistan and the banking sector. The proof of concept has been successfully established, with eleven banks participating in the pilot. During this phase, approximately 186 energy-efficient fans have already been installed, with disbursements of around 1.35 million rupees benefiting sixty-seven borrowers.
Muhammad Aurangzeb noted that the digital enablement systems, financing mechanism, and disbursement processes are now operational and functioning effectively. He acknowledged the leadership of Federal Minister for Power, Awais Leghari, in driving the initiative forward and stated that the next phase will focus on rapidly scaling up the program in coordination with the State Bank and commercial banks.
The objective, he said, is to accelerate implementation so that the program's benefits can be realized sooner rather than over an extended ten-year horizon. The Minister reiterated that the Ministry of Finance will continue to extend full support in advancing energy conservation goals, strengthening fiscal sustainability, and contributing to Pakistan's broader climate change agenda.