Agrobank Offers Flood Relief Assistance To Affected Customers
KUALA LUMPUR, 23 DECEMBER 2021 – Agrobank today announced a flood relief assistance plan to aid customers affected by the current flood disaster in the country. The Bank is committed to providing flood relief support and will mobilise its rescheduling and/or restructuring (R&R) plan and moratorium up to six (6) months for qualified customers. These plans are extended to Agrobank customers affected by the floods in Pahang, Kuala Lumpur, Selangor, Negeri Sembilan and other affected states nationwide.
According to Khadijah Iskandar, Covering President / Chief Executive Officer of Agrobank, “The relief assistance aims to alleviate and lessen the financial burden faced by Agrobank customers impacted by the floods. We are deeply aware of the challenges affected by the current flooding situation that caused damage to our customers’ properties, farms and agricultural activities which impacted their businesses as a whole. Therefore, Agrobank Flood Relief assistance is offered to mitigate the situation and help our affected customer during this difficult time.”
“It is a very challenging time for our fellow Malaysian and it is important for us to provide assistance through any means possible. Based on the recent announcement by Bank Negara Malaysia (BNM), Agrobank will also be providing financial aid to micro and small and medium enterprises (MSMEs) affected by the recent floods under the Disaster Relief Facility 2022 (DRF 2022) amounting RM200million (shared with other commercial and Islamic banks and DFIs),” said Khadijah Iskandar.
“We understand that some customers require time to develop their new plan and recover. The moratorium period and R&R programme will facilitate their recovery process. For eligible customers, they may apply for additional facilities too to rebuild their business. Our team will reach out to those in need,” added Khadijah Iskandar.
The flood relief assistance is designed to address the challenges of the flood victims which includes:
- Moratorium of financing – for customers who lost source of income and projects damaged can be considered to deferment of monthly instalments up to 6 months.
- Restructuring or/and rescheduling (R&R) of financing for qualified customers affected by the flood disaster.
- Waiver of charges for affected customers seeking replacement of ATM cards and passbooks which were destroyed in the floods.
- Disaster Relief Facility 2022 (DRF 2022) under BNM – financing up to RM500,000 per SME and RM75,000 per micro-enterprise with financing rate of 3.5% per annum, inclusive of guarantee fee (available from 27 December until RM200 million is fully utilised).