Amanah Ikhtiar Malaysia (AIM) has allocated RM2.7 billion for microfinancing this year to help entrepreneurs in the low-income group (B40) expand their business.

AIM managing director Mohamed Shamir Abdul Aziz said this allocation would benefit 380,000 Sahabat (borrowers of AIM).

“This year we are targeting to help more than 56,000 Sahabat registered with the agency to move out of the clutches of poverty.

“Of this number, 95 percent are from the poor category and five percent are hardcore poor earning RM600 and below,” he said when appearing as a guest on Bernama Radio’s “Malam Ini” programme last night.

He said AIM also had funds under the Dana Faedah Korporat, which was previously meant for general uses including purchasing chairs and tables for community halls.

“This year we are taking a different approach, using the fund to help the hardcore poor to ease their burden and improve their well-being,” he added.

Mohamed Shamir also said AIM would continue to educate borrowers to use technology to expand their business through Sahabat Bazar, an online platform for promoting and marketing products.

He said they were taught to make cashless payments through the contactless MyDebit Card to facilitate Sahabat taking bank loans to expand their business.

He said 182,400 or 48 percent of Sahabat had been using this method since it was introduced seven years ago.

- Bernama