Kota Kinabalu: Chief Minister Datuk Seri Hajiji Haji Noor wants Sabah Development Bank Berhad (SDB) to resume operations and help the state government develop Sabah. âThat’s why when I took over (as chief minister) the first thing I thought of was the SDB. I want it to function efficiently and progress because it is an important development vehicle for the state government, âhe said on his first working visit to SDB in Wisma Tun Fuad Stephens , Monday.
SDB President Datuk Pengiran Hassanel Pg Mohd Tahir and SDB Director General / CEO Datuk Vincent Pung were on hand to welcome him. He was also briefed on SDB’s overall performance by Pung, who took over as Managing Director and CEO about 11 months ago. Hajiji is convinced that under the leadership of Pung and Pengiran Hassanel, the SDB would be able to find ways not only to rename itself, but also to fulfill its obligations to assist the state government. The chief minister said his aim was to boost Sabah’s economy through the Hala Tuju Sabah Maju Jaya (SMJ) and the economic stimulus plan, which aimed to create a favorable business climate to attract future investors. and in doing so, create more jobs for the Sabahans.
Later, Hajiji launched an SDB brochure which summarized the expansion of the institution’s services by highlighting SDB’s three key roles in promoting the development of Sabah, namely finance, advice and investment. The services provided under the financing included project financing, bridging financing, capital financing, working capital financing and the SME guarantee program. In terms of advice, the services provided are business advice, financial intermediaries and loan syndication. SDB is also involved in investment activities, including participation in venture capital and project rehabilitation. SDB has been criticized by various quarters for a 300 million ringgit loan to AirAsia under the previous Warisan administration, which said it was set up to primarily help SMEs in Sabah. Critics also felt that SDM might not be able to recover the loan as the airline suffered a lot during the Covid-19 pandemic.