Updated Bumiputera roadmap may see policy changes, says Teraju

PETALING JAYA: Policy changes may be on the cards under the Bumiputera Economic Transformation Roadmap 2.0 (BETR2.0), according to Unit Peneraju Agenda Bumiputera (Teraju).
"We are looking into some policy changes and stuff like that, this will require more deliberation and specific studies are going to be taken on that," said CEO of Teraju, Datuk Husni Salleh.
Almost five months on since the launch of the roadmap by the Prime Minister Datuk Seri Najib Abdul Razak in April, Husni said Teraju has thus far identified some 46 initiatives which it is mulling to implement.
It is currently working closely with ministries to "refine" and look at ways to implement these initiatives, gathered from its engagement with stakeholders prior to the launch of BETR 2.0.
Drawing reference to the first BETR launched in 2011, which took about 3-4 years for the roll out of programmes, Husni said the same is expected this time around, as factors such as legality, practicality and budget resources, has to be deliberated upon.
Besides that, in line with the upcoming Budget 2018, Teraju is also engaging with the Economic Planning Unit (EPU) to see how it could "align" the 11th Malaysia Plan agendas with that of the Bumiputera agenda.
Husni was speaking to reporters at the documents exchange ceremony between Hong Leong Islamic Bank Bhd (HLISB) and Teraju earlier today.
As per the operation agreement entered between the two parties, HLISB in its capacity as a newly appointed panel bank of Teraju will be pumping in funds amounting to RM350 million as a financing facility for the Teras programme.
HLISB is targeting to provide 60% of the financing facility to Bumiputera small and medium enterprises (SMEs) in sectors such as construction and infrastructure, telecommunications, agriculture, manufacturing and green technology.
The bank which joins the ranks as the sixth bank to provide financing facility for the Teras program, is targeting to disburse the funds to some 20-30 Teras registered companies annually.
HLISB CEO, Jasani Abdullah said based on the response the fund receives, the bank may consider altering the amount made available.
The funds by HLISB will bring the size of the total fund available to Bumiputera companies registered with Teras to RM2.89billion.
Of the RM2.89 billion, the unutilised balance stood at RM1.15 billion.
As at July, some 310 companies have benefited from the program, having received financing amounting to RM1.39 billion.