`Development Bank of Sarawak approves RM320 million in credit facilities thus far’

Abdullah responding to questions about DBOS’ financial status at the DUN sitting.

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By Geryl Ogilvy

KUCHING, Nov 6: The Development Bank of Sarawak (DBOS) has approved RM320 million in credit facilities to finance infrastructure projects in the state since commencing operations this year.

Of this amount, RM244 million has been released, with a number of applications currently being processed, said Assistant Minister of Corporate Affairs Abdullah Saidol.

The Semop assemblyman added that to date, DBOS had registered RM3.448 billion in deposits.

On the breakdown, Abdullah said statutory bodies deposited a total of RM23.2 million, followed by local authorities at RM17.6 million and government-linked companies (GLCs) at RM7.5 million.

“The biggest bulk comes from the public sector, including companies such as Sesco (the retail arm of the state energy provider Sarawak Energy Bhd) and Sarawak Economic Development Corporation (SEDC), which totalled RM3.4 billion,” he said during the question-and-answer session at the State Legislative Assembly (DUN) sitting here today.

Abdullah was responding to See Chee How (PKR-Batu Lintang), who enquired about the total placement of deposits received DBOS as at Oct 2018 as well as the total sum of credit facilities that had been approved and given out.

See also enquired on the breakdown of sources deposited by the public sector, state reserve fund, statutory bodies, local authorities and GLCs.

He also wanted to know how far DBOS had gone to fulfilling its key objective to finance state development projects as well as the amount dispersed for the said projects.

Abdullah also responded to a supplementary question raised by Chong Chieng Jen (DAP-Kota Sentosa), who asked on the entities of the public sector that contributed to the bulk of the RM3.4 billion deposit.

Chong also asked on the average interest being paid by DBOS on these deposits and the average interest DBOS is receiving (earning) from the loans given out.

Abdullah explained that credit facilities were being processed to fund strategic projects in the state by adhering to best practices like any other financial institutions.

However, Abdullah said, he could not disclose the interest received or paid based on the amount of the deposits and credit facilities.

When asked by Ali Biju (PKR-Krian) for the latest financial report and whether it would be made available to the state elected representatives, Saidol said the financial report was not ready, considering that DBOS only commenced its operations early this year.

In addition, DBOS was still dispersing its loans, he explained.

“In the matter of public interest, the report will be made available as well as be given out to state lawmakers,” assured Abdullah. — DayakDaily

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Abdullah Saidol responding to questions about DBOS’ financial status at the DUN sitting.