Tengku Ahmad Badli Shah: We are glad that the government has made undeviating efforts in fortifying the agricultural sector.
KUALA LUMPUR: Agrobank applauds the government’s expansionary budget to stimulate the agriculture industry with an allocation of RM6.17bil.
President and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin said: “We are glad that the government has made undeviating efforts in fortifying the agricultural sector.
“The 14.4% increase from last year’s allocation of RM5.39bil will be able to address challenges faced by the sector through several subsidies and incentives.”
He added: “The bank has all hands-on deck in fulfilling the government’s agenda to increase the production capacity of agricultural products and to support agropreneurs, by providing financing facilities to agro-food entrepreneurs with the availability of funds up to RM430mil.”
He also shared that the bank will soon introduce its very own agriculture insurance that provides farmers with financial protection against production losses caused by natural perils.
“We have our sleeves rolled up with the implementation of our very own Paddy Crop Takaful Scheme and we strongly believe this will complement the government’s RM50mil funding allocated for the Rice Crop Takaful Scheme.”
Agrobank also lauds the government’s efforts in increasing subsidy allocation for padi bukit or padi huma to RM50mil as well as the RM400mil fund allocated for the implementation of the Food Security Strengthening Programme.
“With the variety of subsidies and incentives introduced by the government, alongside our initiatives to protect the welfare of agroprenuers, we believe that there will be exponential growth in the agricultural industry.
“We hope to continue working with the government through the Agriculture and Food Security Ministry to face the challenges of the agro-food sector and drive modernisation efforts in the agricultural sector to increase food security and the well-being of its players,” he added.
