![[UPDATED] Budget 2022: Bumiputera initiatives get RM11.4 bil](https://media.thevibes.com/images/uploads/covers/_large/29102021_-_Live_Bajet2022_-_SADIQ_ASYRAF_-_3.jpg)
KUALA LUMPUR – Under Putrajaya’s RM332.1 billion Budget 2022, the government has allocated RM11.4 billion for Bumiputera initiatives.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz in tabling Budget 2022 said strengthening the Bumiputera community will see the narrowing of the economic gap between ethnicities in Malaysia.
Among others, the government is allocating RM6.6 billion to education facilities for the Bumiputera community under Majlis Amanah Rakyat (Mara), Universiti Teknologi Mara (UiTM) and the Peneraju Foundation.
“This allocation is provided for education loans and upgrading certificate programmes to diplomas, in an effort to raise Bumiputera professionals in the engineering, finance and medical sectors.”
Meanwhile, RM4.8 billion is provided for various programmes tasked with increasing capacity and commercial loans under Perbadanan Usahawan Nasional Bhd, Tekun Nasional and the Bumiputera Wellness Fund.
To encourage the participation of Bumiputera youth in small-scale government tender projects, RM200 million has been allocated.
Additionally, the government – via the Construction Industry Development Board – will enact an accelerator programme specifically for G1 to G4 young contractors through on-the-job training with an allocation of RM10 million.
To assist companies facing gearing or leverage difficulties, a funding system worth RM2.1 billion via equity and quasi-equity investments will be introduced.
This will be spearheaded by SME Bank – with the cooperation of the Bumiputera Agenda Steering Unit and Bank Simpanan Nasional – with funding valued at RM600 million and open to all, particularly Bumiputera entrepreneurs.
Tengku Zafrul cited Aerodyne Group in Cyberjaya as an example, saying it is a Bumiputera company touted as the largest in the world providing drone technology services.
“Thus, to increase involvement of local industry players in this sector, a RM100 million grant will be provided for Bumiputera SMEs (small and medium enterprises) venturing into the aerospace field.”
As for assisting the digitalisation of SMEs, the government will improve on its SME Digitisation Grant Scheme.
In 2022, funds for the scheme will be increased to RM200 million, with RM50 million specifically for rural Bumiputera entrepreneurs. – The Vibes, October 29, 2021
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