The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has announced plans to allocate RM 452.8 million to aid businesses impacted by the Covid-19 outbreak.
The allocation will be executed under a business recovery plan to further support the stability of the country’s entrepreneurial ecosystem.
“MEDAC has tabled the Entrepreneur and Cooperative Recovery Plan during a Cabinet meeting. The recovery plan outlines six key strategies to support the stability of the entrepreneurial ecosystem, revitalise business operations in the near term and will ensure entrepreneurs remain competitive and sustainable,” MEDAC’s minister, Datuk Seri Wan Junaidi Tuanku Jaafar.
“It contains 30 programmes that will be implemented in two phases, namely the immediate measure from May to December 2020 and the medium-term from January 2021 to May 2021,” he added.
The recovery plan will be executed in two phases, with the first phase requires, RM 230.1 million, of which RM 175.79 million will be implemented for six new programmes and 10 existing allocations under the ministry and its agencies.
An additional RM 54.31 million will be needed to implement 14 new programmes.
As for the second phase, the ministry will allocate RM 222.69 million in order to carry out 19 new programmes and 11 existing programmes.
MEDAC is also working alongside the Ministry of Finance in coming up with Post Covid-19 Short and Medium-Term Economic Recovery and Restart Plan.
The ministry has also further proposed an entrepreneurship restart plan with an allocation of RM261.21 million