‘85 pct of MEDAC’s development allocation channelled to agencies’

KUALA LUMPUR: The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has channelled RM530 million to its agencies as of Aug 16 for financing entrepreneurship development programmes.

Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the amount accounted for 85 per cent of MEDAC’s federal government development allocation of RM619.7 million that include funds set aside for Prihatin and Penjana.

“This has made MEDAC among the ministries that are ahead in managing the performance of development allocation expenditure, especially to help entrepreneurs affected by the Covid-19 pandemic,” he said in a statement following a ministerial meeting.

He stressed that the implementation of the MEDAC development programme would take into account the National Entrepreneurship Policy 2030, Entrepreneurship

Strategic Plan, Sustainable Development Goals 2030 and feedback from entrepreneurs.

MEDAC has also identified several bureaucratic barriers and red tapes hindering the development of national entrepreneurs, particularly in the context of financing.

In this regard, Wan Junaidi said the ministry would continue to ensure that the obstacles could be reduced and the agencies presentation services under MEDAC, improved.

“In line with the latest developments in the 4.0 Industry Policy, MEDAC will continue to ensure that the allocations can be increased to help entrepreneurs especially the micro entrepreneurs and the informal sector adapt to automation, mechanisation and digitalisation in business.

“MEDAC’s vision is also one of the government’s efforts to help entrepreneurs deal with the impact of Covid-19, which in turn can boost the country’s economy,” he added.