ANNOUNCEMENT 08 Apr 2016In April 2016, the government of Malaysia announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
Government of Malaysia, Ministry of International Trade and Industry, press release: Kenyataan Media Berkenaan Proton, 8 April 2016: http://www.miti.gov.my/index.php/pages/view/3207
Government of Malaysia, Ministry of International Trade and Industry, press release: Kenyataan Media : Menteri Perdagangan Antarabangsa Dan Industri Mengenai Pasukan Petugas Untuk Memulihkan Proton, 14 April 2016: http://www.miti.gov.my/index.php/pages/view/3221
On 8 April 2016, the government of Malaysia approved a number of soft loans for the Malaysian car maker Proton amounting to a total RM 1.5 billion (approx. USD 385 million). The purpose of these loans is to enable the car company's payments to vendors.
Additionally, a number of conditions are placed on Proton as part of the loan agreement. These include creating a restructuring plan for the company; a new strategic plan to expand their market domestically and abroad as well as hiring a foreign partner and hereto advancing the company's viability and international competitiveness. The compliance of these loan conditions will be monitored by a task force. The task force will consist of representatives from the public and private sector.
Affected trading partners are identified based on UN Comtrade's import data from 2014.