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THE Penang Green Council is set to introduce the ‘CM Fund-Transition Financing Scheme’, a pioneering initiative designed to fast-track sustainable growth among small and medium enterprises (SMEs), which number over 4,000 in the state.
SMEs are the mainstay of the manufacturing and services sectors, driving Penang's economy which remains resilient despite the global challenges and US tariffs.
Chief Minister Chow Kon Yeow, who unveiled the scheme, said that it will be launched in December, and is developed by a local banking partner.
It will be combined with preferential financing under the environmental, social, and governance (ESG) capacity-building framework, he said.
"This initiative will make it easier for SMEs to adopt greener practices while meeting global sustainability benchmarks. In short, this fund is designed to make going green easier, faster, and more rewarding.
“Penang will not only strengthen its manufacturing ecosystem but also take a big leap towards becoming the leading green manufacturing hub of the region,” Chow said at the Federation of Malaysian Manufacturers (FMM) Penang 56th anniversary dinner at St Giles The Wembley Hotel last night.
The Yang di - Pertua Negeri Tun Ramli Ngah Talib also graced the event together with Human Resources Minister Steven Sim Chee Keong.
Expanding on his speech, Chow said that the state will continue strengthening infrastructure, improving ease of doing business, and ensuring Penang remains not only competitive for investors but also liveable and inspiring to fellow citizenry.
Chow also said that the state government will consider establishing an Artificial Intelligence (AI) University on the reclaimed Silicon Island. - August 30, 2025.
