SME Bank to aid project’s progress
The Pan Borneo Highway is a large scale infrastructure project which involves various stakeholders and require the cooperation of all parties especially contractors and vendors which are involved in the project to make it a success.
The Works Minister believed with the assistance of SME Bank which came to provide financing to contractors and vendors for the project, the move will raise the profile of the small and medium entreprises (SMEs) in the state to a higher level.
He observed the move was also in line with the government’s vision of making the SME sector one of the biggest contributors to the economy by 2020.
He also believed once the highway project is completed in June 2021, it will spur economic development and trade activities between Sarawak and Sabah.
Meanwhile, SME Bank Group’s managing director Datuk Radzif Yunus said the development bank has introduced a special financing package exclusively for G1 to G7 contractors or vendors who have been awarded the highway project.
“SME Bank is now offering a special package for contractors from G1 to G7 level of the Pan Borneo Sarawak Highway project especially Bumiputera Sarawak contractors.
“This is the first time that we hosted such a programme for contractors and vendors who are involved in the Pan Borneo Highway in Sarawak.
“We hope that through the market outreach programme, contractors and vendors can seize the opportunities to obtain our services as well as communicate with the bank’s staff to learn more,” he said.
Radzif revealed that SME Bank in Sarawak operated through four branches under the supervision of the Sarawak Regional Centre which comprises of Kuching Enterprise Centre, Miri Enterprise Centre, Bintulu Business Centre and UTC Kuching.
At the same time, the bank disclosed that among the packages offered to contractors and vendors to support the Pan Borneo Sarawak Highway project were the contract financing and i-REACH or rolling expenditure advance cash scheme.
As an added incentive, the d bank provides an early disbursement of 15 per cent from the total approved financing to ensure the Pan Borneo Highway Sarawak project is executed the earliest possible.