Stop external financing, SDB told

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

He said the order was made recently and a new chief executive officer was appointed for this purpose.

“This is after I found out that almost RM2bil was used to fund 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.

Shafie said the new chief executive officer had been told to stop funding out-of-state projects and instead finance projects in Sabah.He said Sabah-owned financial institutions were supposed to help in developing the state and assist businesses and Sabahans.

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

Shafie said the financial system should be made easier to assist people and investors instead of making it hard for them to carry out development projects.

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