IFC, Affin Bank partnered to provide $400 million in financing to PMKS

KUALA LUMPUR, Sept 18: International Finance Corporation (IFC) and Affin Bank Berhad are partnering through a US$400 million long-term financing package to increase access to finance for micro, small and medium enterprises (SMEs) in Malaysia.

The partnership focuses specifically on women-owned enterprises as well as businesses in areas still facing funding gaps, including Sarawak and Sabah.

Allen Forlemu, Regional Industry Director, IFC Asia Pacific Financial Institutions Group, said the partnership has the potential to create at least 42,000 job opportunities across Malaysia over five years.

"Small business is an important driver of employment and economic opportunities in Malaysia.

"This partnership has the potential to create at least 42,000 job opportunities across Malaysia within five years, as well as expand access to finance for women entrepreneurs and enterprises outside major urban centres", he said in a statement from Affin Bank.

He said IFC welcomes the cooperation with Affin Bank which has experience and expertise in supporting the growth of PMKS, including women-owned enterprises as well as underfunded communities.

Meanwhile, Affin Group President and Chief Executive Officer, Datuk Wan Razly Abdullah said the cooperation enhances Affin Bank's ability to support potentially growing businesses, especially women-owned enterprises and businesses in areas with more limited access to finance.

"PMKS is at the heart of Malaysia's economy, creating employment opportunities, driving innovation and supporting communities across the country.

"Through the cooperation with IFC, we are increasing our capacity to support potentially growing businesses, especially women-owned enterprises and businesses in areas with more limited access to finance", he said.

According to him, access to wider capital is essential for supporting socio-economic development, strengthening the local economy and opening up opportunities for more Malaysians to participate in the country's growth.

The partnership also gives Affin Bank access to international capital and IFC development finance expertise, as well as leveraging an international investor network to channel capital into productive economic sectors.

The move is in line with the AFFIN Axelerate Plan 2028 (AX28) in which Affin Bank aims to become Malaysia's most creative and innovative financial company. -TVS