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Pan Borneo Highway Sarawak Project Gets going with CGC MoU

Pan Borneo Highway Sarawak Project Gets going with CGC MoU
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Credit Guarantee Corporation Malaysia Berhad (CGC) has entered into a Memorandum of Understanding(MoU) involving five parties to provide financial guaranteesto eligible domestic sub-contractors for the Pan Borneo Highway Sarawak Project

The CGC Bizjamin/-i scheme MoU was inked between CGC, RHB Islamic Bank Berhad, SME Bank Berhad, Skim Jaminan Pinjaman Perniagaan (SJPP) and Unit Peneraju Agenda Bumiputera (TERAJU) at Kuching, Sarawak.

CGC’s President and CEO Datuk Mohd Zamree Mohd Ishak said: “We are pleased to partner with TERAJU, LBU, RHB Islamic, SME Bank, and SJPP in this large-scale infrastructure development project. The MoU is in line with our business model to form strategic partnership to assist potentially viable and capable SMEs in obtaining financing from the financial institutions or through direct lending from CGC.”

CGC provide guarantees to Small and Medium Entrepreneurs (SMEs) with potentially viable businesses but lack the collateral and track record to obtain financing. It also provides direct financing for underserved segments. It currently manages 19 guarantee/financing facilities including Government-backed schemes to assist SMEs nationwide and supporting the national SME development agenda.

The signing ceremony was hosted by TERAJU. Also present at the event was Lebuhraya Borneo Utara Sdn Bhd (LBU), the Project Delivery Partner (PDP) for the development and upgrading of Pan Borneo Highway project.

 

ABOUT CGC

Credit Guarantee Corporation Malaysia Berhad (CGC) was established on 5July 1972 and it is 78.65% owned by Bank Negara Malaysia and the remaining 21.35% owned by various commercial banks in Malaysia.

The core business of CGC is to assist SMEs, especially those with inadequate or without collateral and track record, to obtain credit facilities from financial institutions by providing guarantee cover on such facilities. CGC has availed over 444,700 guarantees and financing to SMEs valued over RM63.7 billion since its establishment.

CGC’s support for SMEs is not only confined to the provision of loan guarantees and financing facilities, but also credit information and credit rating services through its subsidiary Credit Bureau Malaysia. Through the Bureau, CGC assist SMEs to build a credit history and track record to enhance their credibility and bankability to secure financing on their own merit and at reasonable cost.

Other funds currently managed by CGC include the Green Technology Financing Scheme (GTFS) and the Bumiputera Entrepreneur Project Fund (TPUB-i) with a total allocation of RM3.5 billion and RM300 million respectively. To date, CGC had managed a total of 45 guarantee and financing schemes including 16 government-backed schemes.
Currently, seventeen (17) Commercial Banks, fifteen (15) Islamic Banks, and seven (7) Development Financial Institutions (DFIs) are participating in CGC’s guarantee schemes in providing financing to customers through a wide network of more than 2,600 branches nationwide to avail financing.

 

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