Exim Bank lauds govt move to improve SMEs' access to financing

TheEdge Tue, Nov 10, 2020 12:27am - 3 years View Original

KUALA LUMPUR (Nov 9): Export-Import Bank of Malaysia Bhd (EXIM Bank) supports the various initiatives by the government announced in Budget 2021, particularly on the measures to improve access to financing.

Among the initiatives outlined by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz in his budget speech is the introduction of a National Supply Chain Finance Platform called 'Jana Niaga', which is set to assist the financial position of small and medium enterprises (SMEs) that supply to the government or government-linked companies (GLCs). 

An initiative to be spearheaded by EXIM Bank, the platform will aid SMEs with cash flow issues due to long invoice payment periods, as well as help them secure loans.

EXIM Bank chairman Datuk Dr Feizal Mustapha said the bank thanked the government on the opportunity rendered to spearhead the access to financing initiative, through the Jana Niaga platform, in ensuring the well-being of SMEs in the country. 

"This targeted assistance will surely support them to continue operating, with an uninterrupted ability to supply to their customers," he said in a statement today.

He said the RM300 million Jana Niaga initiative will see EXIM Bank driving the said platform with the involvement of several financial institutions. 

"For a start, Jana Niaga will be implemented together with Petronas (Petroliam Nasional Bhd) and Telekom Malaysia Bhd. 

"It will then be extended to other GLCs, ministries and government agencies in the future," he said. 

The framework for the platform, together with the operational details, will be revealed in due course, he added.

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