Agrobank Sarawak gives out RM95.4 million in total for micro credit financing

MIRI (Aug 12): Agrobank Sarawak has granted a total of RM1.1 million micro credit financing fund to deserving local small and medium enterprises (SMEs).

A mock cheque presentation by Agriculture and Food Security Minister Datuk Seri Mohamad Sabu took place at the launch of the Malaysia Agriculture, Horticulture and Agro Tourism (Maha) Sarawak exhibition here Saturday night.

Nurfayzah Abdul Aziz from Petanak Beach Chalet and Café, Mukah received the Agro Tourism Centre Grant of RM200,000 for the upgrading of existing facilities.

The agrotourism grants were introduced in 2016 with the aim of encouraging the growth of tourism centres that carry out tourism activities related to the agricultural sector.

The second recipient, Chai Lik Yang, received RM818,000 under the Sarawak Micro Credit Scheme (SMCS).

SMCS is a fund allocated by the Sarawak government through the Ministry of International Trade and Industry, to boost the local agrofood sectors.

As of July 2024, Agrobank Sarawak has approved financing funds worth RM95.4 million to 2,758 applicants.

The event also witnessed the presentation of a mock cheque for RM6.23 million to TG Agro Fruit Sdn Bhd, an entrepreneur registered under Malaysian Pineapple Industry Board (MPIB) Sarawak.

The grant from the Ministry of Agriculture and Food Security (MAFS) was received by a representative of TG Agro Fruit Sdn Bhd, who represented its managing director Dato Yap Foot Loy.

According to Agrobank president cum chief executive officer Dato Tengku Ahmad Badli Shah Raja Hussin, MAFS has entrusted Agrobank in managing development funds for the nation’s agricultural industry and food security.

Three funds which had been approved were the Malaysia Family Agro-food Financing Fund, the Agro-food Financing Fund, and the ‘Program Modenisasi Rantaian Nilai Agromakanan’.

“Agricultural activity is the source and backbone of the nation’s economy, thus, this fund will attract local entrepreneurs to venture into the agriculture, fisheries, plantation, or livestock sectors.

“Additionally, it provides opportunities for industry players to transform the agricultural landscape towards a more advanced, modern, and sustainable direction.

“For micro, small, and medium enterprises (MSMEs), this financing fund is necessary to expand their businesses so they can generate substantial returns,” said Tengku Ahmad Badli Shah.

Also present were Deputy Minister for Food Industry, Commodity and Regional Development Sarawak, Datuk Dr Abdul Rahman Ismail; MAFS secretary-general Datuk Lokman Hakim Ali; Federal Agricultural Marketing Authority chairman Aminuddin Zulkipli; and Fisheries Development Authority chairman Muhammad Faiz Dato Fadzil.