SERDANG, Aug 6 — The government has allocated RM50 million for Malaysians keen to venture into the food business under the Pemulih NewBiz financing scheme.

Prime Minister Datuk Seri Ismail Sabri Yaakob who made the announcement here today said the financial programme through Agrobank is geared towards those who plan to start a home-based micro business, and included graduates among those eligible.

The fund will cover the necessities for a start-up micro business, such as kitchen machines for cooking and motorcycles for food delivery.

"Applicants are given a moratorium for the first six months and are charged a 3 percent profit rate for the seventh month with a maximum financing period of up to 60 months or five years,” he said at the Malaysian Agriculture, Horticulture and Agro Tourism Exhibition 2022 here this morning.

He added that the programme offers funding in two stages: the first at RM5,000 and the second at RM10,000.

Ismail Sabri said Agrobank will establish a special investment entity in the near future for the agricultural sector to increase domestic investment in the country's agro-food sector.

"The government will continue to play an effective role with the cooperation of all parties in guaranteeing the supply of sufficient and safe food at reasonable prices on an ongoing basis for the well-being of the Malaysian Family.

"Finally, I would like to remind the success of strengthening the guarantee of food security in the future as well as advancing and transforming the agro-food sector is our shared responsibility as a Malaysian Family,” he said.