The Entrepreneur Development and Cooperatives Ministry (MEDAC) has prepared the Entrepreneur and Cooperative Recovery Plan to assist local entrepreneurs affected by Covid-19.
Its minister, Datuk Seri Wan Junaidi Tuanku Jaafar said the plan was to benefit over 21,847 recipients. Recipients included micro entrepreneurs, medium-sized enterprises, social entrepreneurs, startups and cooperatives.
The Entrepreneur and Cooperative Recovery Plan will benefit over 21,847 entrepreneurs
The Entrepreneur and Cooperative Recovery Plan outlines six key strategies to support the stability of the entrepreneurial ecosystem, revitalise entrepreneurs’ business operations in the near future and ensure entrepreneurs remain competitive and sustainable.
Datuk Seri Wan Junaidi also added that MEDAC had tabled the plan at the Cabinet meeting on May 6 – containing 30 programmes that will be implemented in two phases. The immediate measures (first phase will start from May to December 2020 and the medium term (second phase) will be from January to May 2021.
MEDAC is working with the Ministry of Finance in formulating the post Covid-19 economic recovery and restart plan
The first phase requires an allocation of RM 230.1 mil, of which RM 175.79 mil is for implementing six new programmes and 10 existing programmes that will utilise existing MEDAC allocations and agencies. The additional RM 54.31 mil is needed to implement 14 new programmes.
For the second phase, it requires an allocation of RM 222.69 mil to cover 19 new programmes and 11 existing programmes.
MEDAC and its agencies had applied for the allocation under the 12th Malaysia Plan and working with the Ministry of Finance in formulating the post Covid-19 short and medium-term economic recovery and restart plan.
“MEDAC is a member of the SME Recovery Support Working Group will also focus on short and medium-term strategies and initiatives to rehabilitate affected entrepreneurs and accelerate the country’s economic growth,” he said.
The current and future initiatives by MEDAC are in line with the government’s policy of ensuring that entrepreneurs receive the support of MEDAC so that their business operations can operate normally during the implementation of the conditional movement control order (MCO) nationwide.
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