Affin Bank Partners IFC To Expand MSME Financing Access With US$400 Mln Package
KUALA LUMPUR, Sept 17 (Bernama) -- Affin Bank Bhd has partnered with World Bank Group member, the International Finance Corporation (IFC), to expand access to finance for micro, small and medium enterprises (MSMEs) across Malaysia.
The financing focuses on women-owned businesses and enterprises operating in regions where financing gaps continue to constrain growth and economic participation.
“At the centre of the partnership is a US$400 million financing package for Affin Bank, aimed at broadening access to capital and strengthening support for MSMEs and other underserved business segments.
“Under the agreed framework, the bank will channel funding to eligible MSMEs to promote productive investment, enhance business competitiveness and contribute to a more inclusive economic development,” the bank said in a statement today.
IFC Asia Pacific, Financial Institutions Group, regional industry director Allen Forlemu said the partnership could create at least 42,000 jobs across Malaysia over the next five years.
He also said the financing could expand access to finance for women entrepreneurs and enterprises operating outside major urban centres, especially those where financing gaps are wider.
“Small businesses are a vital driver of jobs and economic opportunity in Malaysia.
“We welcome working with a partner like Affin Bank, with its focus, experience and expertise, and appreciate its visionary leadership in supporting the growth of Malaysian MSMEs, including those owned by women, and uplifting underserved communities in places like Sarawak and Sabah,” he said.
Meanwhile, Affin Group president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the collaboration is expanding the bank’s ability to support high-potential businesses 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.
“Our partnership with IFC broadens Affin Bank’s access to international capital and development finance expertise, enabling us to expand financing for Malaysian businesses,” he said.
Wan Razly noted that the partnership also brings together IFC’s international investor network with Affin Bank’s deep understanding of the Malaysian market, creating opportunities to expand its customer base and deploy capital into productive sectors of the economy.
“Guided by our AFFIN Axelerate 2028 (AX28) Plan, this partnership propels our journey towards becoming the Most Creative and Innovative Financial Company in Malaysia,” he added.
-- BERNAMA