Affin Bank, IFC team up on US$400mil funding for MSMEs

KUALA LUMPUR: Affin Bank and the International Finance Corp (IFC) have joined forces to provide US$400 million in financing for micro, small, and medium enterprises (MSMEs). The bank explained that the funding specifically targets women-owned businesses and enterprises located in underserved regions, with the goal of improving access to capital and bolstering support for MSMEs.

Under the partnership, Affin Bank commits to directing the financing to qualifying MSMEs to stimulate productive investment, boost business competitiveness, and contribute to more equitable economic growth. Affin Group President and CEO Datuk Wan Razly Abdullah stated that by collaborating with the IFC, the bank is enhancing its capacity to support businesses with significant growth potential.

Wan Razly emphasized that expanding access to capital is crucial for advancing socio-economic development, strengthening local economies, and generating opportunities for more Malaysians to participate in the nation's growth.

IFC's Regional Industry Director, Allen Forlemu, highlighted that this collaboration could potentially generate at least 42,000 jobs in Malaysia within the next five years. Forlemu noted that the partnership aims to improve access to finance for women entrepreneurs and businesses operating in areas outside major urban centers, particularly those with wider financing gaps.

He expressed appreciation for Affin Bank's visionary leadership in supporting the growth of Malaysian MSMEs, including women-owned enterprises and those uplifting underserved communities in regions like Sarawak and Sabah.