KUALA LUMPUR, 24 February 2023 – Export-Import Bank of Malaysia Berhad (EXIM Bank) welcomes and supports the Malaysian Government’s revised Budget 2023, which carries the theme “Developing Malaysia Madani”. As the budget comes at a time when economic recovery is utmost in people’s mind, this year’s budget is inclusive and holistic as it focuses on reducing the government’s debt, the people, SMEs, green initiatives and digital advancement – clearly showing the commitment of the MADANI Government.
Amidst a challenging economic landscape what with the COVID pandemic effect, geopolitical uncertainties, disruption to the global supply chain and raising inflation rate, the Malaysian economy is projected to grow by yet another 4.5% in 2023, with steps taken in implementing new and reform measures in government administration. In light of this, the Budget 2023 allocation is revised upward to RM386.14bil from RM372.3bil budget in October 2022. Out of this, management spending is expected at RM289.1bil, while development expenditure is RM99bil and RM2bil is for unexpected expenditures.
In addition to that, the Ministry of International Trade and Development (MITI) welcomed the allocation of RM1.585 billion for MITI and its agencies, which is focused on three key areas such as industry development, international trade and domestic and foreign investment that remain crucial to the Ministry in sustaining the economic growth momentum, improving the global supply chain and empowering Malaysia’s human capital development.
Among the main initiatives in the Budget 2023 for MITI to achieve its objectives is the easy loans and schemes for small and medium enterprises (SMEs) worth RM3.5 billion, which will be disbursed by various agencies, including EXIM Bank of Malaysia.
“EXIM Bank welcomes the MADANI Government’s move to aid exporters in the Exporters’ Development Incentive Scheme or “Skim Insentif Pemampanan Pengeksport” (SIP2). The scheme will strengthen businesses, as well as develop the business acumen of local entrepreneurs or exporters to international levels. We look forward to helping exporters to achieve their cross-border aspirations with these schemes aiding them,” said Arshad Ismail, President/Chief Executive Officer of EXIM Bank Malaysia.
Under the RM1 billion SIP2 scheme, EXIM Bank is set to offer exporters financing assistance namely Incentive for Financing. The financing is given up to RM10 million, while the financing rate is reduced by 1.5%, for up to 7 years.
Arshad added, “With this affordable funding rate, it will encourage exporters to find new markets for their products and further increase the capability of SMEs as an exporting company in the long term. It will also help exporters reduce their operating costs and at the same time increase their income.”
ABOUT EXIM BANK
The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures. EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.
For further information, kindly contact:
Azmin HamzahHeadCorporate Communication DepartmentExport-Import Bank of Malaysia Berhad(EXIM Bank)Level 1, EXIM Bank,Jalan Sultan Ismail,50250 Kuala Lumpur.T : +603 2601 2371F : +603 2601 2469E : email@example.comW : www.exim.com.my
Mohd Ronnee OsmanSenior ManagerCorporate Communication DepartmentExport-Import Bank of Malaysia Berhad(EXIM Bank)Level 1, EXIM Bank,Jalan Sultan Ismail,50250 Kuala Lumpur.T : +603 2601 2397F : +603 2601 2469E : firstname.lastname@example.orgW : www.exim.com.my
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