RM600mil allocation for Sabah bumiputera entrepreneurs

The Star

1 March 2018


The fund via the Bumiputera Agenda Steering Unit (Teraju) was announced by Chief Minister Tan Sri Musa Aman after chairing the first Bumiputera Economic Council Meeting on Tuesday.

From this amount, RM100mil will be allocated for Sabah bumiputera entrepreneurs to invest in agriculture and agro-tourism projects while financing facilities and guarantee worth RM500mil is for bumiputera contractors involved in the Pan Borneo Highway project.

“Sabah is renowned for its rice farming and we hope the state’s agro-tourism industry will become a benchmark for agro-tourism development in the country,” he said, adding that this will be a partnership between Teraju and Agrobank Berhad.

As for special funds for construction of the Pan Borneo Highway, Musa, who is also state Finance Minister, said some 50 bumiputera contractors of various classes are expected to benefit from it.

“The federal and state governments are aware of the many challenges faced by bumiputera-owned construction companies, especially in terms of obtaining financing facilities,” he said.

The funds for this is provided by RHB Islamic Bank Berhad and Small Medium Enterprise Development Bank Malaysia (SME Bank) for contract financing while the special loan guarantee facility is provided by the Credit Guarantee Corporation (CGC) and the Business Financing Guarantee Company (SJPP).

Web source: https://www.thestar.com.my/metro/metro-news/2018/03/01/rm600mil-allocation-for-sabah-bumiputera-entrepreneurs/