PM: Govt targets SMEs and mid-tier firms in short-term economic recovery package

Published on 5 Jun 2020 4:57:20 PM

In his special address on Friday, Prime Minister Tan Sri Muhyiddin Yassin introduced “PENJANA” or the National Economic Recovery Plan, the latest initiative by his administration, targeting small-and-medium and mid-tier enterprises as well.

The plan, dubbed as a short-term stimulus package, is to help the nation’s economy recover from the Covid-19 pandemic.

Among the initiatives are:
> Banking sector allocates RM2bil to assists SMEs with a threshold of RM500,000 per SME

> RM400mil to fund Penjana microcredit by Tekun and Bank Simpanan Nasional with RM50mil allocated especially for female entrepreneurs

> RM600mil to drive the process of digitalisation of businesses and innovation. A matching fund will be matched by local and international investors

> RM1bil for the tourism industry