Premier: Women entrepreneurs in S’wak can now expand ventures through new Affin Bank loan fund

KUCHING (Aug 10): Successful women entrepreneurs in Sarawak now have the opportunity to expand their commercial ventures globally with the support of a new RM25 million loan fund, said Premier Datuk Patinggi Abang Johari Tun Openg.

He said this special fund is allocated through Affin Bank.

“I congratulate the successful entrepreneurs and in response, have introduced a new initiative. Previously, our women entrepreneurs had access to RM2.3 million in venture capital. However, for those looking to expand their businesses globally, I have allocated an additional RM25 million fund through Affin Bank.

“This fund is meant to help women entrepreneurs grow their businesses and economic activities. Through loans provided by the bank, they can use this RM25 million deposit to expand their enterprises. I believe that with their innovative approaches, they will achieve great success,” he told a press conference after officiating the Sarawak Women’s Day Celebration 2024 in Sibu today.

When asked about interest exemptions, Abang Johari clarified that while the fund is designated for Sarawak’s women entrepreneurs, standard commercial protocols would apply as their businesses grow.

“As their businesses grow, they become commercial enterprises, and any expansion will require additional loans, which will follow normal financial protocols because the funding is channeled through the bank.

“What we have done is place a deposit in the bank, and the bank will allocate it to borrowers to grow their businesses. This RM25 million deposit is specifically meant for Sarawakian women entrepreneurs who wish to expand their businesses,” he added.

Abang Johari emphasised the importance of innovation and technology in enhancing women’s contributions to Sarawak’s ongoing economic transformation.

“I provided examples in my officiating just now, such as Florence Nightingale, who revolutionised healthcare before the war, and Dame Anita Roddick, founder of The Body Shop, who managed to build a global business.

“These examples resonate with us in Sarawak, where we possess rich biodiversity that can be leveraged for value-added products. With modern technology, our women can further elevate their roles in sectors we are currently developing,” he said.

Also present at the event were Abang Johari’s wife Datuk Amar Juma’ani Tuanku Bujang; Deputy Premier Datuk Amar Dr Sim Kui Hian; Minister of Women, Childhood and Community Wellbeing Development Dato Sri Fatimah Abdullah and her deputies Datuk Mohamad Razi Sitam and Datuk Rosey Yunus; Sabah Assistant Minister of Community Development and People’s Wellbeing Datuk Flovia Ng; Deputy Minister of Education, Innovation and Talent Development Datuk Dr Annuar Rapaee; State Secretary Datuk Amar Mohamad Abu Bakar Marzuki; Welfare Department director Semawi Mohammad; and Women and Family Department director Salmah Jobeli.