KUALA LUMPUR: Agrobank, a government-owned agricultural development bank, has committed to channel RM10.5 billion in financing until December 2018, in its effort to empower the agriculture industry.
Managing director and chief executive officer Syed Alwi Mohamed Sultan said the commitment is in line with the mandate given to the bank to provide financing to farm entrepreneurs and stimulate the growth of the agricultural sector.
With the mandate, Agrobank has created value-added proposition by providing funding for entrepreneurs in the upstream or downstream sectors.
“Agrobank has recorded a total value of RM10 billion in financing as of last August, and this means we have achieved a net growth of RM1 billion.
“Last year, Agrobank recorded an increase in financing value of RM9.5 billion with growth of about nine per cent,” he told media at Agrobank Agropreneur Award 2018 ceremony here today.
Also present were Agriculture and Agro-based Minister Datuk Salahuddin Ayub and Agrobank chairman Tan Sri Mohamad Zabidi Zainal.
Syed Alwi said the bank is in midst of setting up a business preparation framework for the next financial year and it will be based on the direction announced by the minister recently.
He said Agrobank also is targeting a 10 per cent year-on-year growth on its profit before tax at RM220 million this year.
“Agrobank is actively supporting the development of nation’s agriculture sector by operating in eight provinces through 192 branches and kiosks and agro agents throughout Malaysia,” he said.
Agrobank offers products and services in corporate, commercial and micro financing as well as trade financing, personal, electronic banking, deposits and services.
There are eight categories of the awards which are Young Agropreneur Award (Kamaruzzaman Abd Jalil), Micro Agropreneur Award (Nur Aisyah Tey Abdullah), People with Disabilities Agropreneur Award (Zarida Zakaria), Woman Agropreneur Award (Yap Di Bee), Innovative Agropreneur Award (Datuk Lau Hai Po), Loyal Customer (Individual) Award (Nazri Mohammad) and Loyal Customer (Company) Award (Medan Juara Sdn Bhd), and Excellent Agropreneur Award (Jaffri Ahmad and Mazlina Kamarudin).
