CIMB partners with Credit Guarantee Corporation to offer RM1 . 5 bln scheme for SMEs

CIMB Bank and CIMB Islamic Bank have announced a strategic partnership with Credit Guarantee Corporation Malaysia Berhad (CGC) to inject an additional RM1.5 billion into a portfolio guarantee scheme aimed at supporting small and medium-sized enterprises (SMEs) in Malaysia. This initiative brings CIMB s total working capital financing for SMEs to RM6.5 billion, with a focus on environmental, social, and governance (ESG) adoption, digitalisation, and investment in strategic technologies. The agreement was signed by CIMB Bank s head of SME banking, group commercial banking, Jaya Balan Kathiravalu, and CGC s chief business officer Sean Tan. The event was witnessed by CIMB Group s CEO Novan Amirudin, CGC s CEO Datuk Mohd Zamree Mohd Ishak, and CIMB Group s co-CEO Lawrence Loh. This partnership marks a decade of collaboration between CIMB and CGC in supporting SME development. CIMB s RM6.5 billion financing initiative aligns with the bank s broader commitment to support SME growth, with a target to surpass RM50 billion in SME financing by the end of 2024. Since 2019, CIMB has held an 11% market share in Malaysia s SME sector. Novan emphasized the importance of SMEs embracing digitalisation and automation, focusing on talent development and ESG principles to remain competitive, particularly in capitalizing on foreign direct investment (FDI) opportunities. Mohd Zamree highlighted the longstanding relationship between CIMB and CGC, noting the successful financing of RM5.22 billion through 36 tranches since their partnership began in 2014. In addition to financing, CIMB has introduced educational and enabling programs, such as CIMB SMEBizReady, MicroBizReady, and iTEKAD CIMB Islamic Rider Entrepreneur Programme. These initiatives provide SMEs with guidance

Source: theborneopost.com
Published on 2024-10-02

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