Over RM5 Mln In Microfinancing Disbursed To Farmers’ Market Traders

KUALA LUMPUR, June 13 (Bernama) -- The cumulative amount of microfinancing disbursed by development financial institutions (DFIs) to entrepreneurs and traders at pasar tani (farmers’ markets) nationwide has now exceeded RM5 million.

Agrobank President and Group Chief Executive Officer Datuk Tengku Ahmad Badli Shah Raja Hussin said that of the total, Agrobank recorded new microfinancing applications worth RM2.1 million through a series of engagement programmes with farmers’ market traders conducted over the past three weeks.

“This third session takes into account the three farmers’ market locations that we have visited. Collectively, the microfinancing disbursed to farmers’ market entrepreneurs has exceeded RM5 million.

“Of that amount, Agrobank contributed RM2.1 million,” he told a press conference after a field engagement programme at the Bandar Tasik Permaisuri Farmers’ Market in Cheras here today.

The Bandar Tasik Permaisuri Farmers’ Market is the third location in the programme series after the Taman Melawati Farmers’ Market and the Kelana Jaya Farmers’ Market.

The location was selected due to its vibrant business activity, with about 70 traders operating across nearly 100 business lots and attracting around 5,000 visitors each week.

Representatives from the Ministry of Finance (MOF) and six other agencies and financial institutions also participated in the programme, namely Majlis Amanah Rakyat (MARA), the National Entrepreneur Group Economic Fund (TEKUN Nasional), Amanah Ikhtiar Malaysia (AIM), Rakyat and Bank Simpanan Nasional.

Tengku Ahmad Badli Shah said the financing facility reflects Agrobank’s ongoing commitment to expanding inclusive financial access tailored to the needs of small-scale traders.

He said the initiative is also in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for financial institutions and DFIs to intensify engagement programmes and field visits to directly support small entrepreneurs.

Commenting on the progress of the financing scheme, he said Agrobank has received an encouraging response, with more than 78 applications submitted since its introduction about three weeks ago.

“The target is to achieve 1,000 applications from traders under the Federal Agricultural Marketing Authority (FAMA) at farmers’ markets, as there are approximately 5,000 FAMA farmers’ market traders throughout Malaysia,” he said.

Meanwhile, Agrobank said in a statement today that RM20 million in financing has been allocated to support hawkers and small traders nationwide through the Agrobank x Pasar Tani Scheme.

Under the scheme, eligible entrepreneurs can obtain business financing at a profit rate as low as 2.5 per cent per annum.

In addition to financing facilities, Agrobank also provides business development support covering financial management training, marketing strategies and complimentary takaful protection through the Penjaja Account-i and Agrobank Pasar Tani x FAMA Hawkers Package.

The weekly field engagement programme, a collaboration involving seven ix agencies, will continue at selected farmers’ market locations nationwide until the end of July.

-- BERNAMA