MyCif Co-Invested RM289 Million In 2023 In 3,587 MSMEs

The Malaysia Co-Investment Fund (MyCIF) has co-invested RM289 million via  alternative financing platforms in 2023, consistently spurring growth and enhancing competitiveness of Malaysian micro, small and medium enterprises (MSMEs).

MyCIF is a co-investment fund established by the Ministry of Finance (MoF) under  Budget 2019 to co-invest in MSMEs through equity crowd funding (ECF) and peer-to peer (P2P) financing platforms.

Commenting on MyCIF’s Annual Report 2023 released today, the SC Chairman Dato’  Seri Dr. Awang Adek Hussin said, “MyCIF has fuelled close to RM2 billion private  investments via its RM289 million investments last year, proving to be instrumental in  fostering the growth of the ECF and P2P segments.

“The agriculture sector in particular saw an 86% increase in issuers supported by the  MyCIF agriculture scheme. Furthermore, MyCIF was able to reach a higher proportion  of MSMEs outside Klang Valley to 49% from 40% the previous year. This is a testament  to MyCIF supporting inclusivity among MSMEs,” he added, in a statement released by the Securities Commission Malaysia today.

Since inception, MyCIF received a total allocation of RM250 million from the  Government, and successfully co-invested RM930 million in over 6,000 MSMEs,  achieving a 3.7 times multiplier effect. This drew in RM3.82 billion in private  investments, bringing the total funds raised with myCIF’s support to RM4.75 billion. Additionally, MyCIF has generated a net positive return on capital amounting to  RM20.7 million or 8.2% of the total allocation from the MoF.

With an additional RM100 million allocated in Budget 2024, MyCIF will continue to  support initiatives in focus areas namely, agriculture, healthcare, education,  environment, community and Waqf asset development through State Islamic Religious  Councils in tandem with the food security and sustainability agenda.

At MyCIF’s recent Open Day last month, graced by Finance Minister II Datuk Seri Amir Hamzah Azizan, MyCIF’s 5-year positive impact on MSMEs was  showcased. The minister emphasised the need to elevate MyCIF’s profile among MSMEs and investors at national level. During the event, two new incentives were announced for MSMEs falling within the  upstream segments of the agriculture and bio-economy sector, effective until end of  2025.

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