KUALA LUMPUR, CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB Bank) have partnered with Credit Guarantee Corporation Malaysia Bhd (CGC) to offer an additional RM1.5 billion in financing through a portfolio guarantee scheme for small and medium-sized enterprises (SMEs). CIMB co-chief executive officer of group commercial and transaction banking, Ahmad Shazli Kamarulzaman, said the partnership has brought the bank's current working capital financing to RM6.5 billion as it supports SMEs with wider scopes of financing for environmental, social, and governance (ESG) adoption, digitalisation, and investment in strategic technology. 'The RM6.5 billion financing with CGC is part of CIMB's overall financing commitment to support SME development from 2019 to the end of 2024. With this, CIMB is on track to exceed RM50 billion (in financing) this year, which shows the commitment we have made to this sector,' he told reporters after the partnership ceremony here today. Ahmad Shazli described the additional RM1.5 billion as only the 'tip of the iceberg' and that the bank will be looking into providing more tranches in the future. 'We will also come up with different products as well to support SMEs in the future,' he said. Lawrence Loh, who holds the same position as Ahmad Shazli, said beyond financing, the banking group also aims to educate and enable SMEs to compete in the evolving business landscape, which increasingly involves digitalisation. 'So, this is something that we want to work on together with all the SMEs, along with CGC, to educate all businesses to move forward. We have also invested significantly in a new platform to improve our customer journey, which will be launched in the coming months,' he said in his speech. Meanwhile, CGC president and chief executive officer Datuk Zamree Mohd Ishak said he believes the government will continue to support SMEs with allocations in the upcoming budget, however, he suggested that the allocation should be more targeted to reach the right groups. 'From what we have witne ssed in the past in terms of the budget, the government has been very supportive towards SMEs, and I think the trend will continue. However, I believe the assistance should be more targeted and given to those who need it. There are many people who do not need support but are receiving it,' he added. Source: BERNAMA News Agency