KUCHING: Sarawak’s first development financial institution, the Development Bank of Sarawak (DBOS), will begin operations next January with a paid-up capital of RM500mil.
Chief Minister Datuk Patinggi Abang Johari Tun Openg said the setting up of DBOS would help the state venture into strategic projects to expedite development in Sarawak using its own resources. The primary role of DBOS is to balance the state’s reserves and investment without depleting its savings.
“We have learnt from some developed countries that they owe much of their success to the ability to use their own home-grown resources.
“This is exactly what we want to do with the setting up of DBOS.
“We want to invest in some specific areas in order to harness the vast potential of our resources, increase consumption in order to further boost our domestic economy in the long term,” he said at the unveiling of DBOS logo here.
State Secretary Tan Sri Mohd Morshidi Abdul Ghani, who has been appointed as DBOS chairman, were present among other board members and state dignitaries.
Abang Johari said the state’s focus through DBOS services included infrastructure development, oil and gas industry, renewable energy, urban transport, telecommunication, digital economy, healthcare and integrated agriculture.
Among the mega projects that the state is embarking on are oil-and-gas exploration, making Bintulu into a gas hub through setting up a state-owned methanol plant in coastal town, producing and exporting hydrogen gas from water, building as well as repairing dilapidated schools, developing the first LRT system in Kuching and supporting the state’s pursuit for a digital economy.
“DBOS is the way forward for us through the provision of facilities like term loan, bridging loan, revolving credit facility for working capital financing, loan syndication and bank guarantee,” the chief minister added.
Among DBOS board of directors are deputy state financial secretary Datuk Laura Lee, lawyer Datuk Sharkawi Alis, consultant engineer Christopher Adrian and Ho Swee Huat, who has vast experience in the securities and banking industries. The chief executive officer is experienced banker Sim Kheng Boon.
DBOS logo was designed by Miri-born Teo Chung Hock, a pastor based in Kuala Lumpur. The 40-year-old, who also runs a free-lance design company, was awarded RM5,000 for winning the logo design competition that received 756 entries from 402 participants.
DBOS office will be situated at Wisma SEDC at the Isthmus business district here.
Did you find this article insightful?