Abang Johari: Strategic investment in Affin to fuel Sarawak’s long-term economic growth

KUCHING: (Feb 8) The Sarawak government’s strategic investment in Affin is aimed at building long-term financial synergies and strengthening a sustainable financing ecosystem to support the state’s development agenda and economic growth, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said Sarawak made a strategic move in 2024 by becoming Affin’s single largest shareholder, marking the first initiative of its kind in Malaysia and underscoring the state’s commitment to strengthening its financial capacity.

According to him, the move aims to build a stronger financial platform and create synergies with a well-established and capable banking institution, in line with Sarawak’s efforts to unlock its economic potential.

“This step was taken because development is not merely about aspirations, but requires reliable financing capacity, timely access to capital, clear decision-making and resilient implementation under any circumstances,” he said, according to the Sarawak Public Communication Unit (Ukas).

He was speaking at Affin’s 50th Anniversary Gala and Chinese New Year Dinner held at the Malaysia International Trade and Exhibition Centre (Mitec) in Kuala Lumpur on Saturday.

He added that Sarawak’s development agenda does not depend on a single financing mechanism, but instead requires a comprehensive spectrum of funding to support growth across multiple sectors.

As Sarawak advances under the Post Covid-19 Development Strategy (PCDS) 2030, he said Affin is well positioned to support financing that strengthens real economic capacity and promotes long-term sustainable growth.

“The market has also recognised Affin’s strengthening position, with Moody’s affirming the Group’s strong international credit rating at A3 and upgrading its standalone rating to Baa2.

“This recognition reflects strong confidence in Affin and opens pathways to more competitive financing, further strengthening its role in supporting the economy and driving future growth,” he said.

Abang Johari also noted that Affin’s growing regional standing was evident after being listed in the Fortune Southeast Asia 500 for the second consecutive year, proving that Affin is an increasingly relevant Malaysian institution in a competitive regional landscape.

“This recognition is important because a stronger position enhances the ability to provide better services to customers, support productive sectors and expand access to responsible financing,” he said.

Among those present at the event were Second Finance Minister Senator Datuk Seri Amir Hamzah Azizan; Dewan Rakyat Speaker Tan Sri Dr Johari Abdul; State Secretary Datuk Amar Mohamad Abu Bakar Marzuki; Affin Bank Berhad chairman Dato Agil Natt; Affin Bank Berhad Group president and chief executive officer Datuk Wan Razly Abdullah; State Financial Secretary Dato Sri Dr Wan Lizozman Wan Omar and Deputy State Secretary (Planning and Economic Development) Dato Sri Dr Muhammad Abdullah Zaidel.