The move brings the total SJPP facility to RM10 billion, Bernama reported.

Anwar said the Bank Negara Malaysia governor will provide further details on the expanded facility in the near future.

“(This facility) is to help drive growth and also act as a catalyst for companies in need,” he told a press conference after a roundtable session with 20 representatives of financial institutions today.

“This assistance must involve smaller companies and agricultural groups, smallholders, fishermen and hawkers who operate small stalls and restaurants.”

Anwar, who is also finance minister, yesterday announced a RM5 billion guarantee allocation under SJPP to ease pressure on MSMEs amid the global energy crisis and West Asia conflict.

The facility supports affected sectors, including construction, agriculture and agri-food, logistics and transport, and tourism, with financing coverage increased to up to 80% from 70%. The loan period has been extended to up to 10 years from seven years.