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BUDGET 2021

AmBank CEO: Assistance for B40, micro enterprises timely

07/11/2020 03:53 PM

KUALA LUMPUR, Nov 7 -- The call for financial institutions, specifically banks, to provide focused attention and assistance to B40 borrowers and micro enterprises by way of the extended repayment assistance is necessary and apt, AmBank Group’s chief executive officer Datuk Sulaiman Mohd Tahir said.

To date, AmBank is pleased to have approved close to 100 per cent of repayment assistance applications for loans and facilities, amounting to more than RM11 billion for individuals and small and medium enterprises customers, he said in reaction to Budget 2021’s call on targeted assistance.

He said the flexibility to withdraw RM500 monthly for a year from the Employees Provident Fund (EPF) Account 1 will allow those who are facing difficult times to have access to funds.

“Importantly, it is clear that this is only for those who have lost their jobs as we need to balance urgent present needs with future financial stability,” he said in a statement here yesterday.

The government’s RM1 billion allocation as an incentive for technology and high value-added investments, as well as the RM500 million High Technology Fund from Bank Negara Malaysia, is important as it allows our local businesses to become more competitive in the global arena, while contributing to the overall value chain.

“We are also pleased to see the implementation of projects that are able to generate a strong positive multiplier effect on the nation’s economy.

“These include the government’s RM2.5 billion allocation to contractors for maintenance work, RM2.7 billion for rural infrastructure works, as well as the RM15 billion for transport projects, including the Pan Borneo Highway and the Klang Valley Double-Tracking Project Phase 1.”

The High-Speed Rail project will certainly spur new growth areas in the economy.

“We trust these measures will boost both consumer and business confidence while easing cash flow issues,” he added.

-- BERNAMA

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