Credit Guarantee Corporation Malaysia Berhad (CGC) has entered into a Memorandum of Understanding (MoU) involving five parties to provide financial guarantees to eligible domestic sub-contractors through its Bizjamin/-i scheme, for the Pan Borneo Highway Project.
The MoU was inked between CGC, RHB Islamic Bank Berhad, SME Bank Berhad, Syarikat Jaminan Pinjaman Perniagaan (SJPP) and Unit Peneraju Agenda Bumiputera (TERAJU) at Kuching, Sarawak. The signing ceremony was hosted by TERAJU. Also present at the event was Lebuhraya Borneo Utara Sdn Bhd (LBU), the Project Delivery Partner (PDP) for the development and upgrading of Pan Borneo Highway project.
Speaking after the signing ceremony, CGC’s President and CEO Datuk Mohd Zamree Mohd Ishak said: “We are pleased to partner with TERAJU, LBU, RHB Islamic, SME Bank, and SJPP in this large-scale infrastructure development project. The MoU is in line with our business model to form strategic partnership to assist potentially viable and capable SMEs in obtaining financing from the financial institutions or through direct lending from CGC.”
CGC provide guarantees to Small and Medium Entrepreneurs (SMEs) with potentially viable businesses but lack the collateral and track record to obtain financing. It also provides direct financing for underserved segments. It currently manages 19 guarantee/financing facilities including Government-backed schemes to assist SMEs nationwide and supporting the national SME development agenda.