KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF) has been appointed as a strategic partner by Bioeconomy Corp to manage the newly launched Biotechnology Commercialisation Fund (BCF). BCF is a hybrid scheme of grant and soft loan amounting to RM100mil, said MIDF in a statement. The BCF can also be used to cover legal fees, processing fees, and stamping fees disbursed in the form of grants. As strategic partner, MIDF would be responsible for the approval and disbursement of funds to the bio-based companies referred by Bioeconomy Corp, and thereafter supervising the accounts until full repayment. In 2012, MIDF was appointed as the outsourcing partner to manage the fund launched by Bioeconomy Corp, then known as BiotechCorp.

Source: The Star January 15, 2017 23:38 UTC