By Digital News Asia June 13, 2024New US$212 mil allocation in 2024 supports agriculture, healthcare, education sectors
MyCIF, established by the Ministry of Finance under Budget 2019, has been a pivotal force in the financing landscape, utilizing equity crowdfunding and peer-to-peer financing platforms to channel much-needed funds into MSMEs. Commenting on the report, SC Chairman Dr Awang Adek Hussinhighlighted MyCIF's catalytic role, noting that the RM289 million invested last year has attracted nearly US$424 million in private investments.
Since its inception, MyCIF has received a total allocation of RM250 million from the government, successfully co-investing RM930 million in over 6,000 MSMEs. This has generated a 3.7 times multiplier effect, drawing in RM3.82 billion in private investments and bringing the total funds raised with MyCIF’s support to a staggering RM4.75 billion. Additionally, MyCIF has achieved a net positive return on capital of RM20.7 million, which is 8.2% of the total government allocation.
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