26 September 2022
CIMB Earmarks RM30 billion for Spurring SMEs Growth
(From left): Ahmad Shazli Kamarulzaman, Deputy CEO, Group Commercial Banking, CIMB Group; Victor Lee Meng Teck, Chief Executive Officer of Group Commercial Banking, CIMB Group; Leong Weng Choong, Chief Business Officer, CGC; Dato’ Mohammed Hussein, Chairman, CGC; YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Finance; Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer, CIMB Group; Chen Yin Heng, Principal Officer of SJPP; Azlan Mohd Agel, Senior General Manager of SJPP and Ahmad Shahriman Mohd Shariff, Chief Executive Officer of CIMB Islamic at the signing ceremony.
CIMB Bank have announced their continued commitment to support and spur the recovery of the small and medium enterprise (SME) businesses through RM30 billion in financing by 2024.
The commitment was announced at a signing ceremony to mark the collaboration between CIMB, Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) and Credit Guarantee Corporation Malaysia (“CGC”).
In tandem with the momentum of economic recovery, this move aims to spur the acceleration of SME growth as businesses continue to take advantage of the opportunities post pandemic by mobilising financing and guarantee schemes.
The RM30 billion commitment also includes SME financing which will be guaranteed by both SJPP and CGC, such as the CIMB-CGC Financing Programme, Low Carbon Transition Facility (LCTF), PEMULIH Government Guarantee Scheme (PGGS).
Signing on behalf of CIMB was Victor Lee Meng Teck, Chief Executive Officer of Group Commercial Banking, CIMB Group, while Azlan Mohd Agel, Senior General Manager of SJPP, and Leong Weng Choong, Chief Business Officer of CGC represented their organisations respectively.
The ceremony was witnessed by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Finance; Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB
Group; Dato’ Mohammed Hussein, Chairman of CGC; and Chen Yin Heng, Principal Officer of SJPP.
“The Government will continue to provide provisions for the guaranteed schemes targeted at MSMEs to help them gain easy access to financing facilities. The support from the Government is implemented through the strategic collaborations with agencies such as CGC and SJPP, as well as local banks,” YB Senator Tengku Datuk Seri Utama Zafrul remarked.
“This has enabled all MSMEs, including those with inadequate collateral and no financial track record to obtain holistic financial support at competitive rates. This ensures the resilience of the MSMEs and contribution to the national recovery efforts, which has recorded a GDP growth of 8.9% for the second quarter of 2022. The joint initiative will be continued throughout Budget 2023 in empowering the MSMEs to remain resilient and continue to grow,” he added.