PUTRAJAYA, 28 Oct – The government has allocated RM300 million for the implementation of the Easy Financing Scheme (SPiM) to assist private higher education institutions (IPTS) through the National Economic Recovery Plan (PENJANA).
This allocation was approved in the Cabinet meeting on 21 October and aims to ease the burden and ensure the continuity of Bumiputera IPTS businesses affected by the COVID-19 pandemic.
In a statement today, Minister of Rural Development Datuk Dr Abd Latiff Ahmad stated that MARA, as the implementing agency, has been allocated RM300 million, with RM150 million for 2020 and the remaining RM150 million for 2021.
The SPiM PENJANA IPTS will be fully implemented by MARA's subsidiary, with a financing limit of up to RM50 million, he said.
"The financing limit will be based on the needs and repayment capability of the applicants," he added.
Bumiputera IPTS that are registered under the Private Higher Education Institutions Act 1996 (Act 555) are eligible to apply for SPiM, he said.
Applications can be made online at www.pmbtijari.com.my/spimpenjana.
