Shafie tells Sabah Development Bank: Stop financing 'outside' projects

KOTA KINABALU: Sabah Chief Minister Datuk Seri Mohd Shafie Apdal has instructed the Sabah Development Bank (SDB) to stop financing "outside" projects and focus on development in the state.

He said he issued the order recently and a new chief executive officer had been appointed for this purpose.

"This is after I found out that almost RM2bil were used to fund property projects in Penang and Johor, whereas none was used in Sabah," he said during the Sabah Housing and Real Estate Developers Association gala night on Friday (Sept 20).

Shafie said the new executive officer had been told to stop the funding of projects in other states.

He said Sabah-owned financial institutions were supposed to help the state develop and assist businesses and the people here.

He had also met with the Bank Negara governor Datuk Nor Shamsiah Mohd Yunus recently to discuss on the possibility of revamping financial institution systems that involved state-owned institutions.

Shafie said financing systems should be made to assist the people and investors, instead of making it hard for them to carry out development projects.

He said loans should also be made easier for those eligible so that more people would be able to own their own houses, while investors would be able to start their projects more quickly.

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