Green financing available for Sarawak SMEs – MoU between UN Global Compact Network Malaysia & Brunei, InvestSarawak Sdn Bhd & Alliance Bank Malaysia Berhad.

10th November 2023 – Deputy Premier Datuk Awang Tengah Ali Hasan has expressed a robust belief in the capacity of Sarawak’s small and medium enterprises (SMEs) to assume a leadership role in the adoption of environmental, social, and governance (ESG) practices, positioning themselves as influential contributors to sustainable industries on a regional scale.

Emphasizing the significance of the RM1 billion green financing initiative, jointly facilitated by InvestSarawak, Alliance Bank Malaysia Berhad, and the UN Global Compact Network Malaysia & Brunei (UNGMYB), Deputy Premier Awang Tengah asserts its potential to significantly enhance the integration of ESG practices within Sarawak SMEs.

He underscores the green financing initiative as a pivotal gateway for Sarawak SMEs to cultivate sustainable-trade readiness and fortify business resiliency. Deputy Premier Awang Tengah notes that the RM1 billion financing is available to all Sarawak SMEs expressing interest in expediting their transition towards environmentally responsible business practices.

During the ceremonial signing of the memorandum of understanding (MoU) to extend RM1 billion in green financing for Sarawakian SMEs, Deputy Premier Awang Tengah acknowledges the strategic collaboration between InvestSarawak, Alliance Bank Malaysia Berhad, and UNGCMYB. He emphasizes the seamless transition that can be facilitated for SMEs, underscoring their pivotal role as the backbone of the economy.

(Front row, left to right) Alliance Bank’s Group Chief Strategy, Marketing & Business Development Officer Dr. Aaron Sum, InvestSarawak Chief Executive Officer Timothy Ong and UN Global Compact Malaysia & Brunei Executive Director Faroze Nadar at the MoU signing ceremony which was also observed by (back row, third from right) The Honourable Datuk Amar Awang Tengah bin Ali Hasan, Deputy Premier of Sarawak and Minister of International Trade, Industry and Investment Sarawak.

Speaking at the inauguration of the ‘Climate Inclusive Financing & Development Programme’ at the Raia Hotel and Convention Centre, Deputy Premier Awang Tengah, who also serves as the Minister for International Trade, Industry, and Investment, and the Second Minister for Natural Resources and Urban Development, reports that the Sarawak government has sanctioned investments amounting to RM11.3 billion in the manufacturing sector until September of the current year.

Envisaging the establishment of InvestSarawak as a catalyst for SME growth and the promotion of similar initiatives benefiting local businesses, Deputy Premier Awang Tengah emphasizes the imperative of keeping abreast of evolving trends, including ESG, to prevent obsolescence. He underscores the potential for Sarawak to position itself within the global value chain, highlighting the indispensable role of SMEs in embracing new business opportunities.

Deputy Premier Awang Tengah further communicates Sarawak’s commitment to revamp efforts in promoting low-carbon solutions and a green economy, with aspirations to emerge as a regional leader in innovation and a high-technology-based economy.

Picture by Alliance Bank

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