BNN
4 March 2024
Malaysia Allocates RM20bil for Bumiputra SMEs: Amir Hamzah Azizan Announces Targeted Financial Aid
Finance Minister II announces RM20bil SJPP financing for bumiputra companies, aiming to support Malaysia's economic growth through enhanced access to financing and an equity fund for startups.
Malaysia Allocates RM20bil for Bumiputra SMEs: Amir Hamzah Azizan Announces Targeted Financial Aid
KUALA LUMPUR: In a significant move to bolster bumiputra companies, Finance Minister II Datuk Seri Amir Hamzah Azizan unveiled a dedicated portion of the RM20bil guaranteed by Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) financing. This strategic allocation aims to nurture bumiputra companies across various growth stages, enhancing their access to crucial financing and supporting Malaysia's broader economic aspirations.
Empowering Bumiputra Enterprises
During the recent Bumiputra Economic Congress, it was announced that RM1bil would be earmarked for micro-entrepreneurs within the bumiputra community. Additionally, an equity fund of RM1bil, managed by government-linked companies (GLCs), is allocated for startups and rapidly expanding companies. This financial support through SJPP is designed to encourage local small and medium-sized enterprises (SMEs) to innovate and expand their export activities, with a particular focus on sectors such as the green economy, modern technology, healthcare, and the halal industry.
Enhanced Access to Financing
The launching ceremony of SJPP and Syarikat Jaminan Kredit Perumahan (SJKP) marked a pivotal moment for bumiputra entrepreneurs and home buyers. Since its inception in 2008, SJKP has extended guarantees to over 43,000 beneficiaries, facilitating more than RM8.8 billion in funding. Aimed at assisting individuals without a fixed income in purchasing their first homes, SJKP caters to a diverse group, including fishermen, gig workers, and night market traders, ensuring broader societal benefits.
Broader Economic Implications
The targeted financial aid for bumiputra companies signifies Malaysia's commitment to inclusive economic growth. By ensuring that bumiputra businesses have the resources to thrive, the government is not only addressing socio-economic disparities but also fostering a more vibrant and competitive business ecosystem. This initiative is expected to have far-reaching impacts, potentially setting the stage for a new era of bumiputra entrepreneurship and innovation.