SME Bank to establish EquiBumi fund

SME Bank will establish a Bumiputera Equity Fund (EquiBumi) with a RM300 million allocation to offer loans to credible Bumiputera companies to take over listed companies or companies with
potential to be listed on Bursa Malaysia.

Prime Minister Datuk Seri Najib Razak said the bank will also provide RM200 million in loans for the development of Malay Reserve land in strategic areas such as Kampung Baru, Kampung Pandan and Kampung Datuk Keramat.

"This facility will help improve the standard of living of the Malay community in line with the rapid development ine surrounding areas," he said when tabling Budget 2014 themed "Strengthening Economic Resilience, Accelerating Transformation and Fulfilling Promises" in Parliament today.

Najib, who is also the Finance Minister, said the Government would continue to increase bumiputeras' participation in business and entrepreneurship to generate income and wealth.

Among programmes to be implemented are the establishment of Bumiputera Entrepreneurs Start-Up Scheme (SUPERB), with an initial fund of RM30 million, added Najib, who is also the Finance Minister