Agrobank – PETRONAS Strategic Collaboration to Empower B40 Groups
KUALA LUMPUR – Agrobank and PETRONAS recently signed an agreement to work together on a micro financing programme to empower the B40 group working in the agricultural and agro-based industry. Under this collaboration, PETRONAS provides an investment worth RM100 million to support current and new Agrobank micro financing programmes nationwide with main focus on B40 entrepreneurs.
Datuk Salahuddin Ayub, Minister of Agriculture and Agro-Based Industry commended Agrobank and PETRONAS for their strong commitment to provide more opportunities for B40 group to uplift their socio economic status. “Collaboration such as this (Agrobank and PETRONAS) is a good example of how caring corporates can support a national agenda and the aspirations of the Shared Prosperity Vision 2030.”
“This collaboration also fits in with the new directions set by MOA last year under the new ‘MOA Priorities and Strategies 2019 – 2020’, which focuses on strengthening our food security, rural economic development and private investments in agriculture sector. In the five-point Plan – the participation and investment from private entities is essential towards modernizing the agriculture sector and encouraging youth participation,” said Datuk Seri Salahuddin Ayub.
Datuk Seri Salahuddin Ayub also emphasized that agriculture is an important lever to reach out effectively in uplifting the B40 groups. “Currently 39.3% of rural B40 groups are involved in the agriculture, forestry and fisheries sectors. PETRONAS has the good insights to recognise this fact and they work strategically with Agrobank, a bank that has better knowledge and experiences in agro-businesses,” said him further.
Agrobank’s Covering President/Chief Executive Officer (PCEO) Khadijah Iskandar said the RM100 million financing investment allocated by PETRONAS will be disbursed over five years and managed under Agrobank’s B40 micro-financing facilities programmes. At present, Agrobank has over 11 micro-finance programmes nationwide covering paddy cultivation, chilli fertigation, oil palm, dairy cows, pineapple, swallow bird and many more.
“As the bank specialises in agriculture financing, Agrobank is committed to empower the B40 group through structured micro financing programmes with focus on 3A objectives – Accessibility, Availability and Affordability. We are honoured to work with PETRONAS and hope that more caring corporates would provide similar investment for B40 groups,” said Khadijah.
Under the programme, the financing would be given up to 100 per cent financing with preferential profit rate of 2.0 per cent per annum.
Participants must be at least 18 years of age and registered under approved Agrobank contract financing programmes through an ‘anchor’ company. Having an anchor company will help participants to have strong technical guidance and support as they venture their agribusiness at micro level.
“Through this programme, the agropreneur may apply a total financing of up to RM300,000 with the financing facility of up to five (5) years or 60 months,” explained Khadijah further.
For further information, interest applicants can email to AgroB40@agrobank.com.my or call +603-27311600 ext 2688/2810.
Contact person/s:
- Encik Sirajul Yusran Hasan
- Puan Nurhazlin Jalaluddin
- Puan Cut Farida Abdul Aziz
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FINANCING DETAILS
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