Kota Kinabalu, 2 February – The Chief Minister of Sabah, Yang Amat Berhormat Datuk Seri Panglima Musa Haji Aman today received a courtesy call from the Chairman of Credit Guarantee Corporation Malaysia Berhad (CGC), Dato’ Agil Natt and its President/CEO, Mohd Zamree Mohd Ishak.
During the hour long meeting, the Chief Minister shared his aspiration and vision for small and medium entreprise (SME) development in Sabah. He also acknowledged that CGC is an instrumental financial institution and has contributed significantly towards the growth of SMEs in Malaysia.
Dato’ Agil Natt said “It was an honour to meet the Chief Minister and brief him about CGC and its role in promoting the growth and development of competitive and dynamic SMEs the last 42 years.” Zamree added “Given its vast experience, CGC can play a big part in the development of SMEs in Sabah especially those that have high potential for growth.”
In 2014, CGC has provided RM40 million of financing to about 140 SMEs in Sabah largely in the wholesale, construction and real estate sectors through its two (2) branches in Kota Kinabalu and Sandakan.
As Sabah is a potential growth area for CGC, it is targeting to provide about RM61 million of SME financing in 2015, a 52.5% increase compared to the previous year.
CGC, a subsidiary of Bank Negara Malaysia (BNM) established in 1972, facilitates marginal but potentially viable SMEs, particularly enterprises without collateral or with inadequate collateral and track record, to obtain financing from the financial institutions. The shareholders of CGC are BNM and commercial banks operating through a network of more than 2,600 branches nationwide.