BNM’s Disaster Relief Facility Boosted To RM500m For Flood-Affected MSMEs

The Ministry of Finance (MoF) has confirmed that Bank Negara Malaysia will increase funding for the Disaster Relief Facility (DRF) 2022 to RM500 million from RM200 million.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz says, “Financing up to RM500,000 will be provided for SMEs; while micro-entrepreneurs can borrow up to RM75,000. The financing period is up to five years, including a moratorium on repayment for six months.”

Prime Minister Datuk Seri Ismail Sabri Yaakob announced the increase in DRF funding on December 22, 2021, as an aid initiative to help flood victims.

BNM’s Disaster Relief Facility Boosted To RM500m For Flood-Affected MSMEs

The financing rate, including guarantee costs, is up to 3.5 percent per year. From December 27, 2021, commercial banks will be able to submit applications.

The government will continue to monitor the situation, and the MoF, in particular, will be ready to provide adequate funding to flood victims as quickly as possible.

On Dec 26, according to Tengku Zafrul, “The government has agreed to relax the procurement method for flood recovery efforts this year.

“An initial allocation of RM100 million had been provided for post-flood recovery efforts, including cleaning and repairing housing areas and public infrastructure.

“To expedite and facilitate the implementation of post-flood recovery activities, the MoF on Dec 21, 2021, issued guidelines on the relaxation of procurement method for repair works on infrastructure and public facilities damaged by floods.”

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