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Agrobank Walks Away From Deep Sea Tuna Fishing Project

A member of parliament Tuesday criticized Agrobank for being not “business friendly” and “too bureaucratic”, especially to Bumiputera entrepreneurs.

Santubong MP Datuk Wan Junaidi Tuanku Jaafar said the government-owned bank had also brought trouble and pain to Bumiputera entrepreneurs hoping to venture into the agro sector.

“Whoever has been given the responsibility by the government to disburse such loans must be proactive.”

Wan Junaidi, who is also Dewan Rakyat deputy speaker, said officers of government- owned financial institutions like Agrobank, were not doing what the government had envisaged.

“As a result, all the attractive government policies are not bringing benefits to people when they need them,” he said when closing an entrepreneurship seminar here Tuesday.
As an example, he said a Sarawak businessman had complained that his loan, which had been approved, had still not been disbursed by the bank.

The businessman had sought a loan of about RM22 million to finance his venture into deep-sea fishing for tuna.

The trawlers had been ordered but the disbursement of the loan was still being held up by red tape and feet dragging, he said.

“Government agencies entrusted with helping entrepreneurs must be proactive and responsive to their needs. They should not go looking for problems. Instead, they should be looking for solutions as to how the loan applications can be approved and disbursed quickly.”