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Agrobank Applauds The Announcement Of Budget 2022 To Strengthen The Economic Growth Of SMEs, Micro, Youth And Agriculture Sector

KUALA LUMPUR – Agrobank today welcomed the announcement of Budget 2022 themed “Keluarga Malaysia, Makmur Sejahtera” by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Finance which continue to drive the entrepreneurship and the development of agriculture sector as well as food industry.

As a Development Financial Institution (DFI) that is established primarily to meet the financial needs and well-being of the agriculture community, Agrobank essentially supports the whole agriculture value chain and with the expectation of projection of the economic growth expends to 5.5% – 6.5% in 2022, Agrobank will continue to facilitate the agriculture sector towards making a positive impact to the economy under the purview of Ministry of Agriculture and Food Industry (MAFI) along with the Bank’s Strategic Business Plan 2021 – 2025 (SBP 2021 – 2025).

Commenting on the budget 2022 announcement, Khadijah Iskandar, Covering President / Chief Executive Officer of Agrobank said, “Agrobank is proud that RM150 million is made available for youth entrepreneurship financing through Agrobank and Bank Simpanan Nasional to enhance the socio-economy and livelihood of youth entrepreneurs.  Agrobank is aware that there has been a heightened interest among the youths as well as renewed curiosity towards agriculture, which is generally centred around interesting uses of technology in agriculture such as drones for farm management, vertical farming in urban spaces, heavily automated eco-systems and so forth.  Agrobank will continuously play our role to assist and inspire more youths to enter the voyage of agriculture sector.”

When talking about food security, Khadijah added, “Agrobank is looking forward to drive the agrofood development by supporting viable agri-businesses and the interlinked processes along the value chain. The RM1.25 billion financing for Agrobank and Bank Negara Malaysia (BNM) through among others, AgroFood Facility (AF) amounting RM500 million and Dana Pembiayaan Agromakanan amounting RM200 million shows that government is committed in taking agriculture to the new heights and ensuring the sustainability of agriculture sector and food security in Malaysia,” added Khadijah.

Khadijah said, “While youth and agrofood are equally important to boost the agriculture sector, Agrobank is committed to improve the social well-being of B40, micro agropreneurs and small and medium enterprises (SMEs).  Through budget 2022, up to RM1.8 billion will be provided for micro financing programmes. Agrobank appreciates the government’s continuous effort and initiative to support the unserved and underserved community in Malaysia.”

“Ensuring the livelihood of the marginalise community is part of the nation’s pipeline as well as the recovery plan of post COVID-19. As per budget 2022, Agrobank will also offer micro financing of up to RM75,000 at a 0 percent rate for the first six months with a moratorium facility for up to six months. Through this, we are confident to uplift the nation’s agriculture sector and to provide them with sound financial inclusion. We believe that no one should be left behind and it is part of our roles to ensure that these segments of community will continue to succeed and grow,” added Khadijah Iskandar.”

Agrobank will continue to do its part to support the national agriculture development agenda with the Bank’s holistic strategies designed to be closely aligned towards supporting government’s 2022 plan. Agrobank have chartered a great journey since 1969 to uplift the nation’s socio-economy and enhance growth of the agriculture sector through its various financial solutions and 206 baking touchpoints.