BUMI FIRMS CAN ACCESS RM500M FUND
Teraju, CGC and SJPP to help contractors obtain loans from SME Bank and RHB Islamic GOH PEI PEI KUCHING firstname.lastname@example.org
BUMIPUTERA companies with a minimum threshold of RM500,000 which are involved in the construction of the Pan-Borneo Highway in Sabah and Sarawak can each obtain up to RM500 million facilitation fund, says Works Minister Datuk Seri Fadillah Yusof.
He said the Bumiputera Agenda Steering Unit (Teraju), Syarikat Jamilah Perniagaan Bhd (SJPP) and Credit Guarantee Corporation (CGC) would produce government and credit guarantees to help Bumiputera contractors obtain commercial financing from SME Bank and RHB Islamic Bank Bhd.
“Both banks will offer the funds to contractors, while a special (loan) guarantee will be given by CGC and SJPP.
“This is part of Teraju’s initiative under the ‘Carve Out and Complete’ approach, which is in line with the government’s efforts to provide a conducive ecosystem to stimulate Bumiputera participation in the economy,” said Fadillah.
“More than 300 Bumiputera companies and contractors are expected to benefit from the fund.”
The Works Ministry would monitor the progress of the multibillion Pan-Borneo Highway project to ensure it would be completed on time and on budget, he said after witnessing the signing of a memorandum of understanding (MoU) between SME Bank, RHB Islamic, CGC and SJPP, here, yesterday.
Works at all 12 packages for first phase of the project in Sarawak have been going on smoothly, with most of them being ahead of schedule.
“So far, everything is on track except for two (packages) — the Serian roundabout-Pantu interchange and Nyabau-Bakun stretch.
“These two packages are slightly delayed due to land issues,” he said.
However, Fadillah has instructed the land and survey department to resolve the issues immediately.
“I want to ensure that the project is completed on time and on budget.” Earlier, Teraju chief executive officer (CEO) Datuk Husni Salleh said the loan arrangement would improve and strengthen the ability of Bumiputera contractors to participate directly in the highway’s development through competitive financing packages and minimal collateral requirements to help mobilise the awarded jobs.
“This will not only help spur the local value-chain but also create more high-skilled talents among the local Bumiputera,” he said.
At the MoU signing, SME Bank was represented by its chief operating officer Datuk Kamaluddin Ismail, RHB Islamic by its director and CEO Datuk Adissadikin Ali, CGC by its president and CEO Datuk Mohd Zamree Mohd Ishak and SJPP by its managing director Dr Nungsari Ahmad Radhi.
Datuk Seri Fadillah Yusof