BPMB introduces RM5.6b schemes for key sectors

The 5 financing schemes at preferential rates aims to support the country’s economic recovery in line with the bank’s developmental mandate


BANK Pembangunan Malaysia Bhd (BPMB) has introduced five financing schemes worth RM5.6 billion at preferential rates.

This initiative is aimed to support the country’s economic recovery in line with its developmental mandate where it targets key sectors such as digitalisation, sustainability, maritime and logistics, tourism and public transportation.

The schemes include the RM1 billion Industry Digitalisation Transformation Scheme (IDTS) for transforming Malaysia’s industrial capabilities into a high technology manufacturing location.

It is applicable for technology producers, users and infrastructure providers.

Not only can IDTS be used to part-finance the acquisition and development of specific assets, but also to part-finance projects and contracts relevant to digital technologies.

Moreover, RM2 billion has been allocated to the Sustainable Development Financing Scheme as part of BPMB’s efforts to support the United Nations 17 Sustainable Development Goals for sustainable development.

This scheme is to part-finance the acquisition of assets and development of infrastructure.

Meanwhile, the RM1.5 billion Maritime and Logistic Scheme would be used to support maritime-related activities and services including aerospace and logistic activities.

It is currently open to finance the acquisition of vessels, aircraft, development of shipyard and hangar, construction of ports, bond warehouses, as well as logistics related to the maritime and aerospace sector.

Next, the Tourism Infrastructure Scheme worth RM1 billion has been allocated to financially assist both existing and new companies dealing or involved in tourism-related activities and services.

Both BPMB and the Ministry of Tourism, Art and Culture are collaborating on this scheme to promote the tourism sector.

This includes activities which contribute to Malaysia’s tourism development such as hotels, convention centres and facilities related to education, medical or agro tourism.

Finally, the RM100 million Public Transport Scheme is targeted to developing public transport and increasing its utilisation by funding improvements and growth of coverage and services.

Businesses under this sector can apply up to RM50 million with a financing period of up to 10 years.

These schemes were previously announced by the government whereby RM2.4 billion had been approved, while the remaining RM3.2 billion are still available for deployment.

BPMB chairman Datuk Seri Nazir Razak acknowledged that the Covid-19 pandemic has badly affected businesses and industries.

“It is in unprecedented times like this that BPMB has to step up countercyclical lending by looking at business viability over longer horizons and providing viable companies support over this extreme but temporary downturn.”