COMMENTS ON NATIONAL BUDGET 2024 BY RONI ABDULWAHAB, GROUP CEO OF BANK PEMBANGUNAN MALAYSIA BERHAD
Tuesday, 17 October 2023, Kota Kinabalu – Bank Pembangunan Malaysia Berhad (BPMB) is committed to support Budget 2024, themed “MADANI Economy: Empowering the People”. Budget 2024 is reflective of the government’s commitment to strengthen the country’s socioeconomic development and has the necessary reforms to drive long-term resilience and prosperity for the nation.
Tabled by the Prime Minister Dato’ Seri Anwar Ibrahim, the budget mandates BPMB to allocate up to RM7.3 billion of targeted financing towards high impact development projects through eight strategic schemes that support Malaysia MADANI. These schemes will also provide essential equity and working capital support to Malaysian enterprises.
- MADANI Development Scheme (MDS)
- Sustainable Development Financing Scheme (SDFS)
- Maritime, Logistics and Transportation Scheme (MLTS)
- Tourism Infrastructure Scheme (TIS)
- Industry Digitalisation Transformation Scheme (IDTS)
- Rehabilitation and Support through Equity (RESET)
- Working Capital Scheme (WCS)
- Matching Fund Investment Platform
Of the RM7.3 billion available capital allocated by BPMB, RM2 billion will be earmarked for the MADANI Development Scheme. The scheme will provide impact capital for targeted sectors highlighted in the 12th Malaysia Plan (12MP) and the MADANI Economic Framework, including education, healthcare, affordable housing, urban and rural development as well as enhancing socio-economic development in Sabah and Sarawak.
BPMB has been instrumental in supporting the development of Malaysia for the last 50 years. With this budget, we renew our commitment to working closely with the Government to ensure sustainable growth for Malaysia to delivering impact capital for national development and fully support the objectives of Malaysia MADANI.
During the budget speech, the Prime Minister also called for the restructuring of Development Financial Institutions (DFIs) through merger of BPMB, SME Bank and EXIM Bank. We acknowledge this decision by the government to strengthen the overall impact capital ecosystem and deliver greater economies of scale, as well as further enhancing economic resilience for the country.
ABOUT BANK PEMBANGUNAN MALAYSIA
Bank Pembangunan Malaysia Berhad (BPMB) was incorporated on 28 November 1973 as a development financial institution. This year BPMB celebrates its 50th anniversary of delivering impact capital for national development.
Owned by Minister of Finance (Incorporated), BPMB has been accorded the highest rating of ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.
With a Group Total Assets value of RM27.0 billion (as at 31 December 2022), the BPMB Group is well positioned to meet the financing and business development needs of Malaysian businesses.