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The Ministry of Entrepreneur Development and Cooperatives (MEDAC) will allocate RM452.8 million to assist COVID-19 affected entrepreneurs under a business recovery plan to support the stability of the entrepreneurial structure of Malaysia. The allocation is expected to benefit more than 21,847 micro entrepreneurs, small and medium enterprises & social entrepreneurs.
Minister, Datuk Seri Wan Junaidi Tuanku Jaafar, in a statement, said MEDAC tabled the Entrepreneur and Cooperative Recovery Plan at a Cabinet meeting on May 6, 2020. He also mentioned, it contains 30 programs that will be implemented in two phases, namely the immediate measure from May to December 2020 and the medium-term from January 2021 to May 2021.
He also added, MEDAC is 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 which focuses on short and medium-term strategies and initiatives to revive affected entrepreneurs and accelerate the country’s economic growth,”
“The current and future initiatives are in line with the government’s policy of ensuring that the people, especially entrepreneurs, get the support of MEDAC so that their business operations can continue as normal under the Conditional Movement Control Order (CMCO),” he added.
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