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Monday, March 23, 2009

Najib: RM250b liquidity to help entrepreneurs

KUALA LUMPUR, March 23 - Reported by Malaysianinsider - source : Bernama

The government has a huge liquidity of RM250 billion in its coffers to help local entrepreneurs cope with the current global economic crisis, Datuk Seri Najib Tun Razak said today.

The Deputy Prime Minister said the government would also provide incentives to encourage banks to issue loans to businessmen in need of financial aid such as providing repayment guarantees to banks to reduce the liability risk.

"One of the important elements in facing the global economic and financial crisis is to ensure the country's financial system is able to disburse loans to entrepreneurs who are in need of financial aid," said Najib, who is also Finance Minister, when opening the 2009 MIDF (Malaysian Industrial Development Finance Bhd) Bumiputera Entrepreneurs' Symposium.

"So long the banking sector does not give out loans, until then efforts to stimulate the world economy will not succeed," he said. Among the incentives provided are credit guarantee scheme for small-time businessmen by the Credit Guarantee Corporation under the supervision of Bank Negara which will provide 80 per cent guarantees for loans approved under the scheme.

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