"A fund totalling RM200mil under the Malaysian Industrial Development Finance is available for financing the development of automation, digitalisation and the usage of green technology. MIDF will also lower their interest rates from 5% to 3% for a period of 12 months effective April 1,2021," he said.
"To encourage SMEs to increase automation and reduce dependence on foreign workers, SME Bank will provide a fund of RM200mil to finance the purchase of machinery with a grant of up to 20% of the value of the machinery," he said during his speech broadcast live on national television on Wednesday . "The government is aware that cooperatives have also been affected as a result of the Covid-19 pandemic. As such, the Cooperative Commission of Malaysia will provide financing initiatives of up to RM100,000 without collateral to help affected cooperatives.
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