PETALING JAYA: Affin Bank Bhd has partnered with the International Finance Corporation (IFC) on a US$400 million (RM1.7 billion) long-term financing package to expand access to financing for micro, small and medium enterprises (MSMEs) in Malaysia.
The partnership will focus on women-owned businesses and enterprises operating in regions where financing gaps remain wider, particularly underserved communities in Sabah and Sarawak.
Under the financing framework, Affin Bank will channel funding to eligible MSMEs to support productive investment, enhance business competitiveness and contribute to more inclusive economic development.
IFC regional industry director Asia Pacific financial institutions group Allen Forlemu said the partnership could create at least 42,000 jobs across Malaysia over the next five years.
“Small businesses are a vital driver of jobs and economic opportunity in Malaysia. We estimate that this partnership could create at least 42,000 jobs across Malaysia over the next five years, while expanding access to finance for women entrepreneurs and enterprises operating outside major urban centres, especially those where the financing gaps are wider,” he said in a statement.
Affin Group president and group CEO Datuk Wan Razly Abdullah said the collaboration would expand the bank’s ability to support businesses with growth potential, particularly women-owned enterprises and businesses in regions where access to financing remains more limited.
“Through this collaboration with IFC, we are expanding our ability to support businesses that have the potential to grow, particularly women-owned enterprises and businesses in regions where access to financing remains more limited,” he said.
Wan Razly said greater access to capital was essential to advancing socio-economic development, strengthening local economies and creating opportunities for more Malaysians to participate in the nation’s growth.
The partnership will also broaden Affin Bank’s access to international capital and development finance expertise, combining IFC’s international investor network with the bank’s understanding of the Malaysian market.
Affin Bank said the partnership would further expand its capacity to serve MSMEs, particularly businesses in segments and regions where access to financing remains constrained.
