SME Bank and JPDC to jointly promote growth in Johor

SME Bank has allocated RM560.74mil specifically for entrepreneurs in Johor.

KUALA LUMPUR: SME Bank has signed a memorandum of understanding (MoU) with Johor Petroleum Development Corp Bhd (JPDC) to promote economic growth in Johor.

In a statement, SME Bank Group president and chief executive officer Datuk Wira Aria Putera Ismail said that since its establishment in 2005, SME Bank has approved more than RM47bil in financing to 23,820 small and medium enterprises (SMEs), with RM560.74mil allocated specifically to entrepreneurs in Johor.

“We are ready to leverage our expertise in collaboration with the JPDC, the federal government’s main agency that oversees the planning and coordination of the Pengerang Integrated Petroleum Complex (PIPC).“Together, we intend to empower investments and increase the participation of local entrepreneurs in the workforce and the availability of business resources for the downstream oil and gas, petrochemical and chemical industries in the PIPC,” he said.

Aria Putera said both parties will work together in identifying and nurturing prospective vendors from Pengerang, Johor and Malaysia, offering them guidance in business and financial management, access to financing, and other important support services.

“This effort aims to equip local contractors with the skills and capabilities required to thrive in the downstream oil and gas, petrochemical and chemical industries,” Aria Putra said, adding that SME Bank has allocated more than RM35mil in financing to support 30 clients. — Bernama