The Lahore University of Management Sciences (LUMS) and Habib Bank Limited (HBL) have entered a strategic collaboration via an MoU to develop commercial financing schemes aimed at accelerating Pakistan’s transition to electric mobility through the upcoming ‘Pakistan – Battery Swapping Network’ project. The initiative supports the deployment of electric three-wheelers and battery-swap infrastructure in urban centres, reducing emissions, enabling cleaner transport and aligning with national climate targets such as Pakistan’s Nationally Determined Contributions (NDCs).
“This project has the potential to demonstrate the strong techno-economic viability of electric three-wheelers compared to their internal combustion engine-based counterparts, serving as a catalyst for the transformation of Pakistan’s road transportation sector towards EVs,” said Dr Naveed Arshad, Director of the LUMS Energy Institute.
Dr Tariq Mahmood Jadoon, Provost of LUMS, remarked: “LUMS has established the eMobility Research and Development Centre—the first-of-its-kind facility in Pakistan for testing and characterisation of EV batteries, motors, and other components. The Centre provides critical support to the emerging EV industry and will play a key role in advancing our upcoming project.” From the banking side, Omer Mallick, Product Head SME at HBL, stated: “We are delighted to partner with LUMS on this pioneering initiative.
Through the Mitigation Action Facility’s support for a first-loss guarantee, HBL will be able to offer subsidised and convenient financing options to private sector players and SMEs, facilitating the rollout of EV charging infrastructure across Pakistan.” The collaboration will offer structured financing, technical support from the LUMS facility, and financial risk mitigation for borrowers participating in EV infrastructure and vehicles. By marrying academic research, fintech and commercial banking, the initiative aims to overcome barriers such as high upfront cost, infrastructure gaps and user-trust issues. It represents a key cross-sector approach, bridging innovation and financial inclusion—enabling Pakistan’s electric mobility ecosystem to scale responsibly and sustainably.
