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Media: The Edge Markets


Section: News 

Government-linked investment companies (GLICs) and government-linked companies (GLCs) have agreed to contribute RM50.8 million to assist efforts in post-flood recovery. Prime Minister Datuk Seri Ismail Sabri Yaakob said that the contributions increased by 100% compared with RM25 million announced on Sunday (December 19). The GLICs and GLCs which contributed included Petronas, Yayasan Petronas, Khazanah Nasional and Yayasan Hasanah; Yayasan Sime Darby, CIMB, Celcom, Telekom Malaysia, Yayasan UEM and Employee Provident Fund (EPF). “With the government’s grant of RM25 million, the total fund to deal with flood impact and post-flood recovery has risen to RM75.8 million,” he said in a statement after chairing a special National Disaster Coordination Meeting on Monday (December 20).


Ismail Sabri said that to assist entrepreneurs affected by floods, the meeting also decided to provide financing of up to RM5,000 through Bank Simpanan Nasional (BSN). The Prime Minister said that the interest-free or non-profit financing is with repayment starting six months after the financing agreement was signed. Apart from that, he said that the government also agreed to give a two-month rent waiver to tenants of SME Bank’s Entrepreneur Premises Complex which were affected by floods.


“The government through SME Bank will also facilitate loan restructuring applications for those affected by floods.


The government is also allocating RM30 million to the Flood Recovery Loan through TEKUN Nasional,” he said. Ismail Sabri said that the special meeting also decided that cooperatives affected by floods would be assisted via the Malaysian Cooperatives Commission Emergency Relief Fund of up to RM30,000.


He said that the government is also allocating RM100 million for post-flood recovery activities to repair houses and damaged infrastructure.


Apart from that, Bantuan Wang Ihsan of RM1,000 will be given to every head of households affected by floods regardless of whether they were relocated to relief centres (PPS) or not.


Ismail Sabri said that in confronting the flood disaster, the meeting also decided that the National Security Council (MKN) issued a directive to all parties on the actions which needed to be taken immediately.


“The National Disaster Management Agency (NADMA) will be the main disaster management secretariat to handle all coordination and if actions were complied with, MKN will issue further orders,” he said.



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