KUALA LUMPUR, Jan. 6 (Xinhua) -- The Malaysian central bank will provide an additional 2.5 billion ringgit (about 620 million U.S. dollars) to support small and medium-sized enterprises (SMEs) in the country.
Bank Negara Malaysia (BNM) said in a statement on Tuesday that the additional funding focuses on channeling resources to first-time borrowers.
To date, BNM has made available 32.4 billion ringgit in concessional financing to support access to financing for SMEs through participating financial institutions, particularly viable micro and small enterprises that face financing constraints.
The upsizing increases the total allocation under BNM's fund to 34.9 billion ringgit.
Moving forward, BNM said it will transition towards guarantee-based support, targeting guaranteed financing amounting to 10 billion ringgit. (1 ringgit equals 0.25 U.S. dollars) Enditem
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