KUALA LUMPUR – A total of 25 local private higher education institutions (IPTS) have received financing offers under the Skim Pembiayaan Mudah Jaya (SPiM) through the National Economic Recovery Plan (PENJANA) amounting to RM155.3 million.

Chairman of Pelaburan MARA Berhad (PMB) Tijari Berhad, Fauzi Rahmat, said the offers aim to help IPTS continue their operations which have been affected by the COVID-19 outbreak.

He stated that of the total, 13 IPTS have submitted complete documentation to allow financing from MARA to be disbursed.

The financing offered under SPiM PENJANA IPTS ranges between RM500,000 and RM50 million, depending on the credit criteria and eligibility set.

“This Shariah-compliant business financing assistance is intended to cover operational costs only and does not involve capital expenditures.

“PMB Tijari, as the executing agent, will process applications and conduct evaluations based on all conditions set by MARA before granting approval,” he said.

He said this during a press conference following the SPiM PENJANA IPTS Cheque Presentation and Offer Letter Ceremony held today.

The presentation was officiated by the Minister of Rural Development, Datuk Dr Abd Latiff Ahmad, and also attended by MARA Director-General, Datuk Azhar Abdul Manaf.

Fauzi added that to ensure only eligible IPTS apply, the agency will conduct on-site visits to the universities to assess the impact of COVID-19 on their operations and their ability to repay the financing.

During the event, three IPTS received their financing cheques and offer letters:

• MSU Holdings Sdn Bhd (MSU) – RM50 million

• Malaysia Allied Health Science Academy (MAHSA) – RM50 million

• City University – RM28 million

MSU was represented by its President, Prof Tan Sri Dr Mohd Shukri Ab Yajid; MAHSA by its Pro-Chancellor and Executive Chairman, Prof Tan Sri Dr Mohamed Haniffa Abdullah; and City University by its Vice-Chancellor, Prof Datuk Seri Dr Mohamed Mustafa Ishak.