Prime Minister announces financial assistance for second generation of FELDA settlers

Agrobank is set to extend its financial assistance facilities to the Federal Land Development Authority (FELDA) settlers nationwide following its collaboration agreement inked with FELDA during the celebration of national-level FELDA Settlers Day in Maktab Rendah Sains Mara (MRSM) FELDA Trolak yesterday.

Attending the event, YAB Prime Minister Tan Sri Muhyiddin Yassin had announced a financial assistance scheme to help second generation of FELDA settlers to own their first home.

He said, “I am aware that one of the crucial issues among FELDA settlers is financing for the new generation of FELDA settlers to own a home through the Program Pembiayaan Perumahan Generasi Baharu FELDA (PGBF). I want to share some good news today. Agrobank has agreed to extend the terms of the financings and offer lower profit rates to eligible applicants.”

Khadijah Iskandar, chief executive officer of Agrobank said, “Driven by Agrobank’s goal to focus on programmes aimed at supporting the unserved and underserved communities, Agrobank is honoured to collaborate with FELDA and came up with some innovative financing solutions to the FELDA community.”

Through the collaboration, Agrobank will provide a home financing programme under PGBF to assist the second generation of FELDA settlers nationwide to own their first house without burdening them with the high upfront cost and profit rate.

“We believe that there is a growing desire for home ownership amongst Malaysians, however housing unaffordability remains a major hurdle for most people intending to own a house especially for the low-income group in the agriculture industry.”

“As the main financier for this programme, Agrobank is offering financing up to 110%, with a financing rate at base rate + 1% per annum, indirectly opens up opportunities for more FELDA settlers who are earning less than RM5,000 a month to own a home,” she added.

The collaboration between Agrobank and FELDA is also aimed to improve the economic position of FELDA settlers, by providing entrepreneurship and plantation financings through Program Pembiayaan Mikro (Micro Financing) – Bukan Komoditi and Program Perladangan – Tanaman Kelapa Sawit dan Getah.

These programmes are aiming at developing entrepreneurial capacities and mindsets among the FELDA settlers and at the same time to increase the productivity of the settlers’ production in the agrofood, palm oil and rubber sectors.

“As a bank that understands agriculture better, Agrobank is committed to empowering the agro-community including the FELDA settlers through our unique and structured financing programmes. Hopefully through this collaboration, we would be able to help FELDA settlers to pursue their agro-based business ventures and at the same time to improve their socio-economic status,” said Khadijah.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

11th IGEM 2020 positions Malaysia as a flourishing hub of green industries and finance

The third day of the 11th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2020), continued to serve as a...

Tech enabled startups are agents of innovation in the country, says MOSTI

E-Nation, a flagship annual conference organised by the Malaysian Global Innovation & Creativity Centre (MaGIC) identified agility as key to successful businesses...

Deloitte report finds Malaysia among regional leaders in digital life adoption

An extensive survey conducted by Deloitte across age groups in eight countries in South and Southeast Asia showed that consumers aged between...

CIMB to continue repayment assistance programme

CIMB Bank Berhad and CIMB Islamic Bank Berhad has announced that its repayment assistance programme continues to be made available, to allow...

Gamuda Land launches digital gallery, Gamuda Land Virtual Experiential Gallery

Gamuda Land has launched its innovative digital gallery, Gamuda Land Virtual Experiential Gallery. The gallery is built entirely on a virtual reality...

Must read

How today’s technology is key to industrial and manufacturing sector business continuity in a post-Covid-19 world

By  Dr. Ravi Gopinath, Chief Product Officer AVEVA , How the world does business was changing before the outbreak...

Prioritising digital resiliency in the road to recovery

By Maria Dzhanan, Vice President, Oracle Digital, JAPAC With sixty-one percent of small and medium businesses (SMBs) in Asia Pacific...

Is WFH Stifling Innovation?

Many companies are adopting ‘work from home’ models for employees following their success during COVID-19. The pandemic-induced economic downturn may not necessarily...

Agricultural industrialisation as key to food safety, security & sovereignty

By Jason Loh, Emir Research’s Q3 2020 Focus Group Discussion (FGD) findings has highlighted concerns over food safety, security...