RM500 Million Financing Facility for Bumi Firms in Pan Borneo Highway Project
A RM500-million financing facility has been established to facilitate credit guarantees and financing for Bumiputera companies undertaking sub-contract packages in the Pan Borneo Highway project.
Works Minister Datuk Seri Fadillah Yusof said the special arrangement involved the collaboration between four leading institutions; namely RHB Islamic Bank Berhad, SME Bank, Credit Guarantee Corporation (CGC) and Skim Jaminan Pembiayaan Perniagaan Berhad (SJPP) with the Bumiputera Agenda Steering Unit (Teraju).
He pointed out that SJPP and CGC would respectively provide government and credit guarantees to assist Bumiputera sub-contractors obtain commercial financing from SME Bank and RHB Islamic Bank Berhad.
"This programme is expected to assist the involvement of qualified Bumiputera contractors in the Pan Borneo Highway project.
"It is also part of Teraju's initiative under the â€˜Carve Out & Complete' implementation plan in line with the government's aspiration to provide a conducive ecosystem which promotes the participation of Bumiputeras in the national economy" he said after chairing the Bumiputera Economic Council (MEB) Sarawak Meeting held in conjunction with the exchange of the Memorandum of Understanding (MoU) documents for the Contractor Financial Facility Programme at a leading hotel here yesterday.
Also present were Assistant Minister of Entrepreneur and Small, Medium Enterprise (SME) Development Datuk Mohd Naroden Majais and Teraju chief executive officer Datuk Husni Salleh.
Fadillah, who is also MEB Sarawak chairman, pointed out that around 50 Bumiputera contractor companies were expected to benefit from the programme which can help increase the company's eligibility to obtain funding facilities from identified financial institutions.
"The Pan Borneo Highway is expected to have a multiplier effect on the local economy in addition to connecting Sarawak, Sabah and Brunei.
"It can also promote the creation of more dynamic economic opportunities as well as encourage the growth of the economic sector such as services and tourism" he said.
Meanwhile, Fadillah also noted that the Sarawak GLC Talent Development Programme is a collaborative initiative between Talent Corporation Malaysia Berhad (TalentCorp) and Teraju to produce high potential human capital among senior management in Sarawak.
According to him, the senior management which are involved will be placed at selected GLCs (government-linked companies) where they will be given various exposures and duties for six months.
"Through this programme, the senior management can gain a deeper understanding of the best practices practised in the company as well as expand their professional networks.â€
He added that at the same time, the programme will also contribute towards the transfer of knowledge and technology among GLCs in developing and implementing high-value projects.
Fadillah, later along with Naroden, witnessed the exchange of MoUs between Teraju and the four leading institutions.