OCBC Malaysia, Invest Sarawak sign MOC to fund development in Sarawak

Monday 01 Jul 2024

KUCHING (June 10): OCBC Bank (Malaysia) Bhd (OCBC Malaysia) has reinforced its support of Sarawak’s long-term aspirations and sustainability-driven strategic initiatives through a Memorandum of Collaboration (MOC) signed with Invest Sarawak Sdn Bhd (Invest Sarawak).

The exchange of MOC, which was made during the official launch of the Asia Pacific Green Hydrogen Conference and Exhibition 2024 (“APGH 2024”) here on Monday, unveiled a funding allocation of up to RM5 billion by the OCBC Group to promote sustainable economic development in Sarawak.

“The funding allocation will be earmarked to finance projects related to infrastructure development, renewable energy and technological advancement,” OCBC Malaysia said in a statement on Monday.

This fund will be available either on a project basis or for corporate funding requirements benefiting state agencies, conglomerates, corporates, small and medium enterprises and foreign investors.

OCBC Malaysia chief executive officer (CEO) Tan Chor Sen said the collaboration sets the stage for a successful partnership that would contribute significantly to the overall development and progress of the State.

“OCBC Malaysia’s unwavering support of Sarawak’s strategic initiatives through this funding allocation demonstrates our commitment to stimulate economic advancement, attracting investments, and driving sustainability,” he said.

Its managing director, senior banker and head of investment banking, Tan Ai Chin, meanwhile said their commitment to realising Sarawak’s vision, aspirations and development goals extends beyond this funding allocation.

“We have been a steadfast partner in the State’s progress, including most recently through our participation as exclusive financial institution partner for APGH2024,” she said.

Leveraging on the OCBC Group’s strong franchise, Tan said the banking group would promote foreign direct investments and offers a full suite of sustainable finance products and advisory support to facilitate holistic solutions throughout the entire business supply chain.

“These financing solutions are expected to stimulate economic growth by supporting investment in frontier businesses and technologies, expand capabilities, and create job opportunities, propelling Sarawak’s journey towards a net zero economy,” she said.

Meanwhile, Invest Sarawak CEO Timothy Ong Wye Ern said they are dedicated to attracting investments whilst nourishing trade and talent development, in line with Sarawak’s vision, which calls for a dynamic society driven by data and innovation, supported by social inclusivity and sustainable growth.

“Hence, we welcome and value the collaboration with such an esteemed financial institution, which provides access to funding, facilitating investors in navigating the local investment terrain,” he added.

The MoC signing ceremony, witnessed by Sarawak Premier Tan Sri Abang Johari Tun Openg, was a significant milestone in the partnership between OCBC Malaysia and Sarawak towards fostering economic development and driving sustainability for a future that prioritises environmental preservation, sustainability and prosperity.

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