Agrobank Welcomes The Announcement on RM350 Million Financial Relief for Agropreneurs Affected by Covid-19

KUALA LUMPUR – Agrobank welcomes the announcement by YB Datuk Seri Dr. Ronald Kiandee, Minister of Agriculture and Food Industry today on the RM350 million micro credit funds for agropreneurs who are affected by COVID-19.

The special announcement was made following the announcement made by YAB Prime Minister Tan Sri Muhyiddin Yassin on 5 June 2020 that the government has allocated RM350 million in micro credit financing through National Economic Recovery Plan (PENJANA) under Agrofood Fund.

This fund is aimed to ensure the sustainability in the agricultural and commodity sectors by providing financial assistance to micro entrepreneurs especially from the agro community under the B40 group involved in agricultural activities and food production.

Khadijah Iskandar, Covering President / Chief Executive Officer of Agrobank said, “We at Agrobank are pleased to support MOA in this initiative to provide financial relief for entrepreneurs affected by COVID-19. The announcement is timely as to support businesses in managing challenges due to COVID-19. It was also announced today on 27 June, which is the Micro, Small and Medium-sized Enterprises Day, as gazetted by the United Nations (UN).”

She added, “Five targeted groups were identified under these financing programmes are: agropreneurs under PPK, fishermen, paddy farmers, start-ups and existing micro entrepreneurs. The aim is to provide operating capital for business recovery and it is estimated that more than 14,000 micro entrepreneurs to benefit from this fund.”

“As a development financial institution with mandate to support growth of the agriculture sector in the country, Agrobank is committed to provide relevant financings and financial solutions for the agro community. Access to finance is important to start and revive businesses that are affected by the pandemic. We believe that entrepreneurs will benefit from the low rate offered with no collateral requirements,” she said.

In order to reach out and support more unserved and underserved communities, Agrobank is actively working with its strategic partners such as Lembaga Pertubuhan Peladang (LPP), Lembaga Kemajuan Ikan Malaysia (LKIM), FELDA, Lembaga Perindustrian Nenas Malaysia (LPNM), Pahang and Sarawak state government and more to provide opportunities and empowering the B40 groups.

Interested individuals and businesses may contact Agrobank’s Customer Service Center at 1-300-88-2476 or visit the nearest branch for enquiries and information on the Micro Credit Financing Scheme.