KUALA LUMPUR (Aug 22): The Ministry of Finance (MOF) has raised the allocation for the iTEKAD programme to RM10 million, from the initial amount of RM4 million under the revised Budget 2023. 

Prime Minister Datuk Seri Anwar Ibrahim said that this is due to the success of the programme, which aims to help micro-enterprises from low-income groups.

With the additional allocation, Anwar, who is also the finance minsiter, targets nine more banks to participate in the iTEKAD programme, joining the 11 banks that are already in, he said in a keynote address at the iTEKAD Network Event with Bank Negara Malaysia on Tuesday (Aug 22).

Among the banks participating in iTEKAD are AmBank Islamic, Bank Islam, Bank Muamalat, CIMB Islamic Bank, Public Islamic Bank, RHB Islamic Bank, Bank Simpanan Nasional (BSN), Bank Rakyat, Agrobank, SME Bank, and Maybank Islamic bank.

Anwar said that iTEKAD enables micro-entrepreneurs to gain access to funding to start and sustain their businesses.

“The structured training provides participants with upskilling and mentoring, which help to improve their business acumen and generate higher income sustainably,” he added.

The previous administration of Datuk Seri Ismail Sabri Yaakob announced in Budget 2023 in October 2022 that RM10 million was allocated for the iTEKAD programme.

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