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

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

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