Minister of Finance II Datuk Seri Johari Abdul Ghani (centre) together with CGC president and CEO Datuk Mohd Zamree Mohd Ishak (right) and CGC chairman Datuk Agil Natt posing with the new CGC logo during it's launch at The Royale Chulan Hotel in Kuala Lumpur yesterday. IZZRAFIQ ALIAS / The Star. May 22, 2017.
KUALA LUMPUR: Credit Guarantee Corp Malaysia Bhd (CGC) is targeting to approve 9,500 guarantees and financing valued at RM4.7bil this year, said president/chief executive officer Datuk Mohd Zamree Mohd Ishak.
In 2016, CGC approved 7,568 guarantees and financing valued at RM4.2bil.
Mohd Zamree said CGC would explore new avenues and financing options to further enhance its financial and advisory services in powering Malaysian small and medium enterprises (SMEs).
“We have comprehensive strategies in our five-year plan, with it being comprehensive and holistic, we are very confident of achieving the target,” he told press conference after the unveiling of CGC new corporate logo by Second Finance Minister Datuk Seri Johari Abdul Ghani in Kuala Lumpur on Monday.
The event was held in conjunction with CGC’s 44th annual general meeting and 22nd SME Awards ceremony.
Mohd Zamree said in line with the prominent guarantees target, CGC hoped to secure a 12% growth in revenue in its current financial year ending Dec 31, 2017, from RM132.12mil in 2016.
Since inception, CGC has availed over RM63.6bil worth of guarantess, financing over 320,000 SMEs, especially those with remarkable potential to propel the economic growth to greater heights.
Meanwhile, CGC honoured Malayan Banking Bhd
, Maybank Islamic Bhd, CIMB Bank Bhd and Standard Chartered Bank Bhd with ’Top Financial Institutions Partner’ awards on Monday for their significant contributions towards the corporation’s overall SME financing, through its guarantee schemes.
These four banks contributed about RM2.1bil, representing 50% of the total financing amount in 2016, and 4,151 financing, which equivalent to 55% of the total account approved last year.
CGC was established in July 1972 and it is 78.65% owned by Bank Negara Malaysia, while the remaining interest was held by various commercial banks in Malaysia.
The corporation aims to help SMEs, particularly enterprises without collateral or with inadequate collateral and track record to obtain financing from financial institutions. - Bernama
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