Business group asks for SPV to disburse funds to Covid-19 distressed firms

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KUALA LUMPUR: A Special Purpose Vehicle (SPV) should be set up by the government and the banking sector to disburse funds to distressed companies, says a business group.

The Business Survival Group , which claims to represent the views of 262 business associations and chambers of commerce, said the SPV could be a public-private partnership modelled on Danaharta.

He cited the 42nd report by Laksana, an inter-agency economic stimulus implementation and coordination unit under the Finance Ministry, which showed that RM1.2bil had been disbursed to 6,731 SMEs. "Although the government's intention is right, our current banking system doesn't allow microenterprises and SMEs access to the stimulus packages that the government has set up.

He suggested that under this SPV, a"Rakyat Bond" which is backed by the government can be issued as special relief funds for the business community.

 

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