Development Bank of Sarawak to boost growth in state


PETALING JAYA: Bank Negara has given the green light for the Sarawak government to set up a new bank called Development Bank of Sarawak (DBOS).

Chief Minister Abang Johari Openg announced this at the International ICT Infrastructure and Digital Economy Conference (Idecs) Sarawak 2017 today.

In a press statement following the conference, he said the Sarawak government-owned bank would provide capital or funds for high-impact projects to further develop the state.

“The bank will be operated on a financial model that will help fund strategic projects in line with the state’s socio-economic transformation catch-up plan (2017-2030).

“The state government will operate DBOS with full financial support and it will function only as a development bank.

“In the process, the state will ensure successful and prudent operation of DBOS,” Abang Johari said.

The revenue generated from the financial activities of the strategic projects will help the state economy and the people prosper, he added.

“With further consistent and sustainable revenue generated, the state will be able to further support the state economic development transformation agenda.”

Abang Johari said the strategic projects would be in the four key sectors of ICT infrastructure, energy, urban public transportation and services.

“It will give loans in these strategic areas only.

“It will not undertake or advertise for public deposits.”

The bank’s initial capital would come from the state government and the amount would be announced later.

The chief minister also announced the establishment of the Sarawak Multimedia Authority to regulate the development of the state’s information technology infrastructure.

In addition, Abang Johari said the Sarawak Digital Economy Corporation would be set up to coordinate all digital economy initiatives, including e-commerce, cyber security, e-government and e-learning.

Sarawak will be promoted as a place to host data centres.

Abang Johari also spoke of action plans to boost internet speed and telecommunications infrastructure to help develop the state.