Malaysia

Credit Guarantee Corp Malaysia Bhd (CGC) is increasing its target for guarantee of loans next year to keep pace with the rapid growth in lending to small- and medium-sized enterprises (SMEs).

The amount of loans given to small and medium enterprises (SMEs) for the first six months of 2004 annualised has exceeded the amount lent in 2003.

International Trade and Industry Minister Datuk Seri Rafidah Aziz said more than RM6.6 billion (US$1.7bn) worth of financial assistance is available to small- and medium-sized industries (SMIs) under Budget 2005.

The Government will merge the Malaysia Export Credit Insurance and Exim Bank to achieve economies of scale. The new entity will assist professionals and contractors venturing overseas.

The 10-member Association of SouthEast Asian Nations (Asean) has endorsed a 10-year blueprint to promote the development of small- and medium-sized enterprises (SMEs) among member countries.

Budget 2005 is expected to continue to focus on small- and medium-sized enterprises (SMEs), and provide new impetus to the agriculture, service and health tourism sector, says Ernst & Young Tax Consultant Sdn Bhd's executive director, Kenneth Lim.

Malaysia Debt Ventures Bhd (MDV) will introduce micro loans of between RM500,000 and RM1.5 million for small and medium enterprises (SMEs) in January next year.

The banking system extended RM74 billion in loans to 125,000 small- and medium-sized enterprises (SMEs) over the past two years, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said.

MCA (Malaysian/Chinese Association) President Datuk Seri Ong Ka Ting Tuesday urged the party members to play a greater role in boosting small- and medium-sized enterprises (SMEs) in the country.

Small and medium enterprises’ (SMEs) loans have been on the rise and account for about 40 per cent of the total business loans of financial institutions in June this year.