FUND TO STIMULATE

A RM200mil fund to help stimulate the creative industry has taken off the ground in Malaysia. Information Communication and Culture Minister Datuk Seri Dr Rais Yatim said the credit facility of between RM50,000 and RM5mil, which was meant for commercial creative activities, offered competitive interests and flexible conditions. The fund, which is meant for filmmaking, musical production, animation, and related activities, was announced by Prime Minister Datuk Seri Najib Tun Razak in the 2010 Budget in October. Rais said the credit facility, which would be disbursed through Bank Simpanan Nasional (BSN), would also be extended for asset purchases to facilitate commercial activities. On the interest rates, he said it would be 2% a year, calculated on a monthly basis for short-term projects and 4% per year for projects lasting five years.