Small and Medium Enterprise Development Bank Malaysia Bhd (SME Bank) has welcomed Budget 2014, saying it is SME-friendly and inclusive, with most of the initiatives aimed at further strengthening the whole SME eco-system regardless of company size or structure.

Managing Director Datuk Mohd Razif Mohd Yunus said the budget will facilitate the requirements for funding, developmental programmes, competency building, innovation and research and development

“It is all about translating the vision to make Malaysia a high-income economy in 2020,” he told Bernama.

Under the Budget presented by the Prime Minister yesterday, SME Bank gets a total allocation of RM550 million, comprising RM50 million for the Graduate Entrepreneur Fund and RM300 million for the Bumiputera Equity Fund to enable credible Bumiputera companies to take over listed companies or companies with potential to be listed on Bursa Malaysia.

The remaining RM200 million is for development programmes for Malay reserve land in strategic areas such as Kampung Baru, Kampung Pandan and Kampung Datuk Keramat.

“Such funding is in line with the Economic Transformation Programme aimed at providing greater access to funds for specific projects and programmes. It will help enhance the SME community and spur development in less developed areas in Kuala Lumpur,” he said.