KUCHING: The Malaysian Industrial Development Finance Berhad (MIDF) has assisted over 10,800 companies and the approved funding provided is in excess of RM14.5 billion since its establishment in 1960.
According to its Group Managing Director Dato’ Charon Wardini Mokhzani, MIDF helps companies to grow domestically and in the international market, and some of the companies have grown to become listed companies.
“In Sarawak, we have helped 809 companies so far with an approved total funding of RM885.9 million.
“We can do better with the guidance of International Trade and Industry Ministry under the leadership of Minister Darell Leiking. After today, the Kuching office will do their best to help many more Sarawak companies,” he said.
He added that MlDF currently manages a total of RM2.5 billion in Government loan schemes.
“While the details of the schemes vary, they aim to help local companies automate and modernise their manufacturing processes, increase production capacity, improve productivity and service delivery efficiency, and enter and prosper in the export market,” he said during the Seminar on Automation and IR4.0 at Pullman Hotel here yesterday.
He also said that MIDF has provided approved financing to 4,136 companies at a total of RM5.5 billion.
“The companies that borrow from us do well and repay their loans. So we get to relend the money which is how we turn a RM2.5 billion fund into RM5.5 billion in loans,” he said.
He added that this year, MIDF has targeted to provide an additional RM800 million in approved financing to SMEs throughout Malaysia whereby RM500 million for manufacturers in automation, RM200 million for companies in the services sector and RM100 million for business expansion.
“We recently entered into a joint venture agreement with the Business Financing Guarantee Company (SJPP) so that SMEs that receive our financing can have the benefit of guarantee from SJPP,” said Wardini.