EXIM Bank to disburse RM35m to restaurants

Export-Import Bank of Malaysia Bhd (EXIM Bank) expects to provide at least RM35 million worth of loans by year-end from the RM180 million fund under the MalaysiaKitchen Financing Facility.

Managing director and chief executive officer Datuk Kamal Mohd Ali said the bank had so far approved RM20 million in loans for five applicants under the facility.

“They are from the 15 applicants who applied for a total of RM70 million in loans,” he said. The government yesterday signed a placement agreement with EXIM Bank for the MalaysiaKitchen facility a special fund made available to promote and develop internationally recognized Malaysia culinary restaurants abroad.

Deputy Finance Minister Datuk Ng Yen Yen, who witnessed the signing, said there will be no limit on the amount of financing that entrepreneurs could apply for, provided the restaurants are 70% owned by Malaysians.

“After getting the first loan, if they improve themselves and succeed, they can apply again,” she said.

Ng said the applications received included those from businessmen interested to open restaurants in Qatar, Japan, China, Vietnam and the US.

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