PETALING JAYA: MBSB Bank Bhd today signed a memorandum of understanding (MoU) with the Northern Corridor Implementation Authority (NCIA) to accelerate economic growth across the Northern Corridor Economic Region (NCER) with financing facilities of up to RM1 billion.
MBSB Bank chairman Datuk Wan Kamaruzaman Wan Ahmad said the collaboration will spur greater opportunities for businesses namely small and medium enterprises (SME) to establish presence in the Northern region.
"The RM1 billion financing will allow businesses to expand their capacity, participate in major supply chains, and ultimately contribute to the Northern Corridor’s long-term growth,” he said in his address at the MBSB Bank and NCER MoU Signing Ceremony here today.
The document was signed by MBSB Bank group chief commercial banking officer Noor Mohamed Amin and NCIA chief operating officer Hasri A Hassan.
Meanwhile, MBSB Bank group chief executive officer Rafe Haneef said the collaboration with NCIA aims to attract high-potential companies, especially export-oriented SMEs, to obtain financing from the bank.
"MBSB Bank has also partnered with Santander Group, a banking group from Europe, to provide a platform to help companies expand export activities to international markets.
"Through this MoU, we hope to strengthen efforts to expand funding in the NCER,” he said.
Furthermore, NCIA chief executive Datuk Mohamad Haris Kader Sultan said the collaboration bolsters NCER’s strategic growth sectors, including electrical and electronics (E&E), advanced manufacturing, agri-food, logistics, digital economy and green technology.
"As we move forward under the 13th Malaysia Plan, strategic partnerships such as this become increasingly important (for the NCER) in building the enabling ecosystem required to attract investments, accelerate project implementation and drive sustainable economic growth,” he added.
NCIA is a statutory body which plans and drives economic growth in the NCER, which encompasses Perlis, Kedah, Penang and Perak.
The NCER has established itself as one of Malaysia’s fastest-growing economic regions, attracting substantial domestic and foreign investment in E&E, advanced manufacturing, logistics, agri-business, the digital economy, and other high-value industries. - Bernama
