KUALA LUMPUR, March 15 — Bank Rakyat will introduce a Commercial Vehicle Financing Scheme by April at the latest to help transportation sector entrepreneurs affected by the Covid-19 pandemic, to buy new vehicles for economic activities, said Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.

He said the financing through a hire purchase agreement will help this group to be prepared for the reopening of the country’s borders for its transition into the Covid-19 endemic phase next month.

"We know that during the MCO (Movement Control Order) period, school buses, express buses, taxis and others were unable to run (and probably damaged). Previously, there were no such schemes to help them (transport sector entrepreneurs).

"When the borders reopen later, more tourists will arrive. So, it is definite that the vehicle industry will drive the economic activity,” he told reporters after officiating at the Selangor, Putrajaya and Kuala Lumpur School Bus Association’s (PBSSPKL) 17^th annual general meeting in Puchong, near here, today.

In regard to this, he asked Bank Rakyat to introduce this scheme which has been approved by the "board” to be implemented immediately.

"It will be introduced as soon as possible. Currently, Bank Rakyat is setting up a new unit to operate the scheme,” he said.

However, Noh said before applying for the scheme, applicants had to submit income statements before the Covid-19 pandemic for the bank’s assessment.

Noh has also instructed Tekun Nasional, an agency under his ministry, to assist the group with at least a 10 per cent deposit to buy new vehicles for economic activities. — Bernama