Agrobank committed to aiding the poultry industry

KUALA LUMPUR: In view of the government’s subsidy realignment exercise in phases for subsidy abolishment and poultry price controls starting Nov 1, as announced by the Agriculture and Food Security Ministry (KPKM), Agrobank is committed to ensuring that the supply of poultry from farms is stable and not burdensome to the people, and that there is no profiteering activity along the supply chain.

The bank said it is being proactive by providing micro and community breeders with financing funds of up to RM350,000, as well as for small and medium-scale breeders with financing funds of up to RM5mil.

“Agrobank is always committed to working with KPKM to achieve the government’s agenda through the financing of working capital and fixed capital for small and medium-scale breeders, while the Micro Credit Scheme applies to community breeders in the form of working capital financing,” said Agrobank president and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin.

“The funding includes the transformation from an opened chicken hutch concept towards a closed one.”

In addition, he said: “With a margin of up to 90% for the financing period of up to nine years, community and microbreeders, together with small and medium-scale breeders could earn profit rates of up to 3% a year on a monthly balance.

“Another objective of the programme is to increase direct access to poultry supply from breeders to market wholesalers and retailers.

“This programme also enables entrepreneurs to shift to a more effective breeding process, which indirectly increases farm output, reduces production costs, and in the end, leads to more affordable poultry prices to the market.”

He also assured that Agrobank will continue to provide support to ensure the country’s food safety and security.