Micro-credit financing for agropreneurs

  • Economy
  • Friday, 05 Jun 2020

KUALA LUMPUR: The government will provide a total of RM400mil in financial relief to players in the agriculture and food sector affected by Covid-19 and the movement control order.

In announcing the short-term economic recovery plan, Prime Minister Tan Sri Muhyiddin Yassin said RM350mil of micro credit financing will be extended to agropreneurs under Agrobank with an interest rate of 3.5%.

The loans will have a maximum size of RM50,000 for a tenure of five years.

Meanwhile, there will be in-kind benefits for urban farming such as fertilisers, seeds, infrastructure, equipment, advisory and training worth RM500 per person and RM50,000 per community.

The government will also offer incentives for pioneer companies to train and educate the workforce for agrofood workforce mobility.
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