Business News

Tuesday, 24 January 2017 | MYT 9:07 PM

Domestic infrastructure projects remain CGC’s favourite

CGC targets 9,500 loan approvals, worth RM4.7bil, via SME outreach this year.

CGC targets 9,500 loan approvals, worth RM4.7bil, via SME outreach this year.

PETALING JAYA: Loans to small and medium enterprises (SMEs) undertaking major domestic infrastructure projects remain a potential segment of focus for the Credit Guarantee Corp (CGC) this year.

President and chief executive officer Datuk Mohd Zamree Mohd Ishak said while CGC can assist SMEs in providing guarantee coverage for projects in all segments, three major infrastructure projects had been identified as highly potential areas to take advantage of.

“The SMEs and small contractors’ involved in three key projects - the Mass Rapid Transit Line 2, the Pan-Borneo Highway in Sabah and Sarawak and the Pengerang Integrated Petroleum Complex in Johor - have the potential to continue getting assistance from CGC,” he said at a corporate social responsibility event held in collaboration with Kechara Soup Kitchen Society in Petaling Jaya on Tuesday.

Mohd Zamree said that CGC targeted 9,500 loan approvals, worth RM4.7bil, via SME outreach this year. 

Last year, CGC disbursed 7,600 loans to the tune of RM4.2bil.

Mohd Zamree said CGC had lined up plans to continue assisting SMEs in obtaining loans from commercial banks.

Aside from assisting SMEs and contractors involved in the nation’s major infrastructural projects, CGC also had plans to assist small traders.

“We will be signing an agreement with Bank Simpanan Nasional for up to RM50mil to provide financial assistance to small traders,” he added.

Established in 1972, CGC was created to assist SMEs by providing guarantee cover, especially for those with inadequate collateral or without collateral, to enable them to obtain credit facilities from financial institutions at reasonable cost. - Bernama

Tags / Keywords: Banking , Entrepreneur , Credit Guarantee Corp

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