Budget allocation for Agrobank's programmes to stimulate agriculture sector

KUALA LUMPUR, Nov11 -- Financing provided under Agrobank’s Vessel Modernisation and Capture Mechanisation Programme and Agrofood Value Chain Modernisation Programme will stimulate investments in modern technology in the agriculture and food production industries in Malaysia.

Covering president and chief executive officer Khadijah Iskandar said a total allocation of RM210 million for both programmes would also help the industries to meet food security demand in the long run.

“Agrobank will continue to work closely with relevant ministries and agencies to reach out to more customers and ensure that the programmes and incentives announced under Budget 2021 are expeditiously implemented to bring maximum benefit to the rakyat, especially the low- and middle-income groups,” she said in a statement recently.

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She said the vessel modernisation programme offered financing of up to RM5 million to fishermen to upgrade equipment, nets and boats while the other programme provided funding of up to RM1 million for agricultural entrepreneurs to procure equipment and technology based on the Fourth Industrial Revolution (IR4.0).

Both facilities are offered at a rate of 3.5 per cent for a period of 10 years.

Commenting further on Budget 2021 tabled last Friday, she said it was broad based and inclusive, taking into consideration the various economic groups of agro communities including farmers, fishermen and smallholders, women and B40 agropreneurs as well as food and produce exporters.

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“We appreciate the government’s efforts to ensure the budget will be inclusive, responsible and comprehensive towards achieving sustainable economic growth by taking into consideration of all groups of people in Malaysia, especially in facing challenges due to the current bleak economy,” she said.

Khadijah said she also welcomed the allocation of RM95 million to provide working capital financing to women entrepreneurs, which would be able to create more job opportunities especially for women during this difficult time.

“We believe raising productivity and enhancing human capital among women are essential to sustainable economic growth,” she said.

On the extension of the moratorium, Khadijah said she hoped the assistance would ease the people's livelihoods, especially the B40 and M40 income groups, during this challenging time caused by the COVID-19 pandemic.

“With this unprecedented pandemic affecting all walks of life, we would like to welcome all of our customers to contact their respective branch officers or relationship managers to discuss possible solutions to overcome any financial challenges they may be facing,” she said.

She said Agrobank would continue to stay highly responsive to their changing needs and would continue to provide repayment assistance and accept applications until June 2021.

For more information on Agrobank’s repayment assistance, customers may call the contact centre at 1300 88 2476 or email customer@agrobank.com.my, call their respective relationship officers or branches or visit www.agrobank.com.my

-- BERNAMA