Budget 2020: RM8b for Bumi development, up by RM400m

People watch a ‘live’ telecast of the tabling of Budget 2020 by Finance Minister Lim Guan Eng at an electronics shop in Kuala Lumpur October 11, 2019. — Picture by Firdaus Latif
People watch a ‘live’ telecast of the tabling of Budget 2020 by Finance Minister Lim Guan Eng at an electronics shop in Kuala Lumpur October 11, 2019. — Picture by Firdaus Latif

KUALA LUMPUR, Oct 11 — Putrajaya has increased the allocation to develop the Bumiputera community to RM8 billion from RM7.6 billion this year under Budget 2020.

A large bulk of it will go to key Bumiputera educational institutions such as MARA, its university UiTM and the Peneraju Foundation, the agency tasked to assist Bumi entrepreneurs.

For this, RM6.6 billion will be allocated.

RM1 billion will be channelled into Bumiputera small and medium enterprises associations through the SME Bank.

Meanwhile RM445 million will be spent for Bumi entrepreneurship development under the Tekun programme, SMECorp, PHB and Teraju.

Finance Minister Lim Guan Eng also announced a 30 per cent fixed quota for Bumiputera contractors for government procurements.

The minister said Bumi contractors have received government projects worth RM3.6 billion as of August this year.

Earlier today Malay Mail reported that Bumiputera agenda will stay as a key feature in Pakatan Harapan’s growth plans, amid allegations that the coalition is neglecting the community.

Related Articles