KUCHING: Chief Minister Datuk Amar Abang Johari Tun Abang Haji Openg yesterday announced the establishment of Sarawak State-Owned Development Bank known as Development Bank of Sarawak (DBOS).
Johari who made the announcement at press conference after the closing of International ICT Infrastructure & Digital Economy Conference Sarawak 2017 (IDECS 2017) at Borneo Convention Centre (BCCK) here yesterday, said the setting up of DBOS had been approved by Bank Negara Malaysia (BNM).
He said the State Government of Sarawak will operate DBOS with full financial support from the State Government and will function as development bank only.
“ To further reflect its mandate as an approved Development Financial Institution (DFI), DBOS does not undertake or advertise for public deposits as provided under the section 137 and 138 of the Act,” he saiid.
Johari who is also Sarawak Finance Minister said the bank will be operated on a financial model that will help fund the State strategic projects in line with the State’s effort to promote socio economic transformation catch-up plan (2017-2030).
According to him, DBOS is to foster economic growth in Sarawak and to contribute towards the acceleration process of economic development of the state. In the process, the State will ensure a successful and prudent operation of DBOS.
The Chief Minister said DBOS main objective is to ensure that the revenue generated from the financing activities of the State strategic projects will prosper the State economy and therefore the rakyat.
With further consistent and sustainable revenue generated, he said, the State will be able to further support both the state economic development transformation agenda.
The state strategic projects, he said, include four key development sector namely, ICT infrastructure (Digital Economy); Energy Sector (which includes Power generation: the oil and gas); Urban Public Transportation including LRT and Service sector which included healthcare and also tourism.
He also said DBOS main objectives as comprising Mobilisation of investment of private and public capital for productive purposes; Financing State strategic development projects which contribute most to the harmonious economic growth of the State as a whole, with special emphasis on high impact projects; coordination of plans and policies of the the state with a view to achieving better utilisation of the state resource, making them economically more complimentary , and expanding Sarawak foreign trade; provision of technical assistance to the state government for the preparation of , financing and execution of development projects and undertaking of such other activities which may help to achieve its main objectives.
“That is the function as well as objective of our Development Bank of Sarawak.
“I must express my appreciation to the Prime Minister, the Federal Government and Bank Negera for giving their approval for us the state to establish our own development bank. And this is what I have been talking about – having our financial model, meaning we have our own financial model to accelerate our catch up plan in order for Sarawak to be developed further, ” he said.
On the paid up capital, Johari said the amount is quite substantial and he will announce it later.
