RM5 Bln Facility To Help MSMEs Tackle Global Supply Crisis - Sim

PUTRAJAYA, April 23 (Bernama) -- A special RM5 billion financing support under Bank Negara Malaysia, announced by Prime Minister Datuk Seri Anwar Ibrahim, will help micro, small and medium enterprises (MSMEs) weather the global supply crisis.

Entrepreneur and Cooperatives Development Minister Steven Sim said his ministry appreciates the MADANI Government's concern with yet another special facility to aid MSMEs.

It comes just a day after the Prime Minister announced three MSME support measures, including RM5 billion in financing guarantees through the Syarikat Jaminan Pembiayaan Perniagaan (SJPP) scheme.

Overall, the total MSME support package now stands at RM10 billion.

"MSMEs account for almost 40 per cent of GDP and employ more than 8.1 million people here.

"With MSMEs so vulnerable to economic shocks, this cash injection serves as an ‘economic shield’, helping local businesses not only survive but compete on the world stage," he said in today's statement.

Sim said combining government support with entrepreneurs' drive will keep MSMEs as the economy's main engine, ensuring supply chain stability and overall public wellbeing.

"KUSKOP (Entrepreneur and Cooperatives Development Ministry) will strengthen this with our ABCD strategy: boosting productivity, cutting red tape, improving funding access, and expanding market reach," he said.

On Tuesday, Anwar, who is also the Finance Minister, announced a RM5 billion facility for banks to support affected SMEs, complementing prior SJPP guarantees and bringing total aid to RM10 billion.

-- BERNAMA