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KUSKOP hopes GLCs, private companies join vendor financing programme for G1 contractors

30/08/2022 08:36 PM

KUALA LUMPUR, 30 Ogos (Bernama) -- The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) hopes more government-linked companies (GLCs) and private companies will participate in the vendor financing programme for  G1 contractors.

G1 contractors are Bumiputera contractors who get contracts worth RM200,000 and below.

“This vendor programme is very important in helping these entrepreneurs get a loan. It will help facilitate and accelerate the loan process as it involves three parties -  the anchor company, the vendor and the bank.

“We hope the big companies out there, not just the related government agencies, but also private companies who get government contracts worth hundreds of millions of ringgit, to participate in this vendor system, and help these contractors find income,” he told the media after witnessing the signing of a memorandum of understanding between UEM Edgenta Bhd and HSBC Amanah Malaysia Bhd today.

UEM Edgenta is working with HSBC Amanah to develop a Syariah-compliant vendor financing programme for suppliers and vendors of UEM Edgenta.

Noh revealed that there are 46,000 contractors who have complained of not getting jobs and are hoping to get jobs from government contracts.

GLCs and private companies who participate in the vendor financing programme are eligible for double deduction tax incentives, he said.

“At present, there are 27 anchor companies and most of them are GLCs, and we hope we can reach 30 anchor companies this year. Maybe we will propose to the cabinet that major companies which get government contracts participate in this vendor programme,”  he added.




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