MDEC and CIMB Islamic sign MoU providing RM25 million to scale AgTech pilot
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Cyberjaya, 2 April 2021: The Malaysia Digital Economy Corporation (MDEC) and CIMB Islamic Bank Berhad (“CIMB Islamic”) today signed a memorandum of understanding (MoU) on extending an extensive micro-financing programme with an allocation of RM10 million as an initial funding package to catalyse Digital Agriculture Technology (Digital Agtech) in Malaysia. This allocation has the potential to be increased to RM25 million as the programme progresses.
MDEC, a long-time proponent of digitalising the agriculture sector, via a public-private partnership with the Pertubuhan Peladang Kawasan Kuala Langat (PPKKL), initiated a pilot project in 2018 to spur yield and quality of crops utilising the latest technologies. It has seen farmers adopting an Internet of Things (IoT)-enabled fertigation system that helped them reduce monthly fertiliser usage by 20 percent, lower monthly manpower requiremen