Agrobank has formalized a partnership with Ning Planters Sdn Bhd and Sarawak Incorporated Sdn Bhd (SISB) through a Memorandum of Understanding (MoU) aimed at enhancing the agricultural sector, with a focus on pineapple cultivation within Sarawak. The MoU was signed by Datuk Tengku Ahmad Badli Shah Raja Hussin of Agrobank, Wan Abu Bakar Wan Hamid of SISB, and Dato Yap Foot Loy of Ning Planters, under the observation of Agrobank's Abdul Halek Abdullah.
The collaboration seeks to bolster the pineapple industry in Sarawak, noted for producing pineapples celebrated for their sweetness and quality. Agrobank's initiative is set to support the Sarawak state government's vision by providing financial assistance that spans the entire pineapple production value chain, from cultivation to downstream processing. This includes capital financing for anchor companies engaged in pineapple contract farming, which will, in turn, involve the development of infrastructure necessary for pineapple cultivation and the incorporation of entrepreneurs and small-scale farmers into the program.
Particularly, Agrobank's financing efforts will target the B40 demographic and low-income farmers, offering them microfinancing and allocating five hectares for each farmer to develop pineapple farms. The program is designed to ensure the back-purchase of produce by Ning Planters, thereby securing a stable income for the participants and imparting valuable agricultural skills. Tengku Ahmad Badli Shah highlighted Agrobank's successful track record in financing similar pineapple contract farming programs across Malaysia, which have significantly improved participants' earnings, translating to an income increase from zero to about USD960 to USD1,680 monthly.
Source: Borneo Post