International Finance Corporation (IFC) is providing Affin Bank with a US$400 million long-term financing package to widen access to financing for MSMEs across Malaysia.
The financing will prioritise women-owned businesses and enterprises in regions where access to funding remains limited.
Under the partnership, Affin Bank will channel the funds to eligible MSMEs to support business investment and growth.
Allen Forlemu, IFC Regional Industry Director for the Financial Institutions Group in Asia Pacific, said,
“We estimate that this partnership could create at least 42,000 jobs across Malaysia over the next five years, while expanding access to finance for women entrepreneurs and enterprises operating outside major urban centers, especially the ones where the financing gaps are wider.
We welcome working with a partner of AFFIN BANK’s focus, experience, and expertise and appreciate their visionary leadership in supporting the growth of Malaysian MSMEs, including those owned by women, and uplifting underserved communities in places like Sarawak and Sabah.”
Datuk Wan Razly Abdullah, President and Group Chief Executive Officer of Affin Group, said,
“Through this collaboration with IFC, we are expanding our ability to support businesses that have the potential to grow, particularly women-owned enterprises and businesses in regions where access to financing remains more limited.
We believe greater access to capital is essential to advancing socio-economic development, strengthening local economies and creating opportunities for more Malaysians to participate in the nation’s growth.”
The partnership will also broaden Affin Bank’s access to international capital, IFC’s investor network and development finance expertise.
Affin Bank has been expanding its SME business with offerings for startups, women entrepreneurs and growing businesses.
Featured image: (From left) YBhg. Dato’ Paduka Syed Mashafuddin Syed Badarudin, Chief Executive Officer, Affin Islamic Bank Berhad; Ms. Joanne Rodrigues, Group Chief Financial Officer, AFFIN Group; YBhg. Datuk Wan Razly Abdullah, President & Group Chief Executive Officer, AFFIN Group; Allen Forlemu, IFC Regional Industry Director, Financial Institutions Group, Asia Pacific; Lingshu Liu, Regional Industry Manager, Financial Institutions Group, East Asia; and Asif Mustaqim, Principal Investment Officer, Financial Institutions Group.
