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Tuesday May 15, 2012
By CHOONG EN HAN firstname.lastname@example.org
PETALING JAYA: Export-Import Bank of Malaysia Bhd (Exim Bank) is targeting to achieve RM1.5bil in disbursements this year, riding on the trend of more Malaysian companies venturing overseas.
“As of the end of April, we had disbursed about RM800mil in funds. Last year, we disbursed RM1.2bil, surpassing our target of RM1bil,” said Exim Bank chief executive officer Datuk Adissadikin Ali at the signing ceremony for a US$90mil financing facility for Malakoff Corporation Bhd, jointly arranged by Mizuho Corporate Bank and Exim Bank.
He said business had been quite good with more local companies venturing into construction or capital intensive projects.
“We see a number of construction companies, power and water players venturing overseas as the opportunities locally are limited. When they venture out, they are poised to bid for big projects, and like the facility provided to Malakoff, one single exposure is already US$90mil,” he said.
He said the bank would like to partner with domestic and foreign parties to provide facility for customers as the bank could reduce its risk exposure.
“This is not the first time and this would not be the last partnership. We would be cooperating with a lot more domestic banks that have operations overseas and locally incorporated foreign banks,” he said.
Set up by the government, Exim Bank's role is to provide credit facilities and insurance services to support exports and imports of goods, services and overseas investments with emphasis on non traditional markets.
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