Agrobank to boost agriculture microfinance roll-out to RM 240 M

Agrobank has targeted microfinance volume of RM 240 million for this year. President & CEO Datuk Wan Mohd Fadzmi Wan Othman said that among the steps to be taken by the Bank is the expansion of products through cooperation with agencies in the Agricultural and Agro-based Industry Ministry to secure customers on a group basis. He added that through microfinance, traders or entrepreneurs have an opportunity to expand their businesses or projects further. Agrobank had already provided microfinance of RM 1.56 Billion to 109,795 traders. Agrobank’s microfinance is specifically meant to help entrepreneurs and small traders meet their fixed and working capital with financing of between RM 1,000 to RM 50,000. Groups benefiting from this are farmers, breeders, fishermen and others such as restaurants and snack food operators. It is to meet their needs in segments such as production, processing, services and marketing. Agrobank has been a pioneer in various forms of microfinance for the agricultural sector since 1969.