Datuk Saifuddin Abdullah speaks during a press conference on the Emergency Ordinance in Putrajaya March 12, 2021. — Picture by Hari AnggaraCYBERJAYA, April 2 — The Malaysia Digital Economy Corporation and CIMB Islamic Bank are providing RM25 million micro-financing as an initial funding package to drive the country’s agriculture ecosystem based on digital technology .
“The agricultural sector, production of quality food products and food security are important. In Malaysia, this sector has gone through a period of ups and downs due to climate change and the policies implemented. Following the agreement, CIMB Islamic is offering one of the lowest interest rates in agricultural financing at 3.5 per cent per annum not only to benefit existing farmers but also to encourage youths to venture into agriculture.
Ronald said MDEC and CIMB Islamic’s collaboration was an initiative aimed at the target group for the procurement of equipment and technology based on Industrial Revolution 4.0 in an effort to increase the use of modern technology in every agro-food value chain as well as open new growth avenues for farmers to participate in the digital economy and reap more benefits.
Meanwhile, Rais Hussin said leveraging on the strength of the latest advances offered by AI, IoT and BDA would enable the development of a vibrant AgTech ecosystem to increase productivity, quality, cost competitiveness and farmers’ income, as well as attracting youths to enter the field of agriculture.