RM200 million agrofood financing fund launched to boost Malaysia's food security
The initiative aims to bolster Malaysia's agrofood sector by providing financial support to entrepreneurs across the agricultural value chain.
Deputy Minister of Agriculture and Food Security Datuk Seri Arthur Joseph Kurup said the fund is designed to enhance national food security while ensuring long-term sustainability for the agrofood industry.
'This programme supports entrepreneurs involved in agricultural and agrofood production, covering activities from upstream to downstream, including support services,' he said.
The fund offers financing for both fixed capital, such as asset acquisition and development costs, and working capital to meet operational needs.
Arthur added that Agrobank will evaluate applications based on pre-set conditions before approving eligible recipients.
Financing ranges from RM50,000 to RM5 million with a profit rate of three per cent per annum.
Arthur also announced a strategic collaboration between Agrobank and TM One to enhance digital banking services, improving accessibility for rural communities and farmers. - Bernama
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