Kuala Lumpur, Malaysia 9 November 2020 – Export-Import Bank of Malaysia Berhad (“EXIM Bank”) welcomes the Government’s recently tabled Budget 2021, as it lives up to its theme of “Resilient As One, Together We Triumph” that continues to protect the Rakyat’s lives and livelihood above all else, amid the backdrop of the COVID-19 pandemic.
Aware of the challenges faced by the business community in the country, EXIM Bank supports the various initiatives outlined by the Honourable Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz in his budget speech, particularly on the measures to improve access to financing in the budget.
Among them 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 benefit SMEs with cash flow issues due to long invoice payment periods, as well as help them secure loans.
EXIM Bank’s Chairman Dato’ Dr Feizal Mustapha said: “The Bank thanks 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 operations, with an uninterrupted ability to supply to their customers.”
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. The framework for the platform, together with the operational details, will be revealed in due course.