The bank would be set up properly and run professionally and it would refer to Bank Negara for assistance in ascertaining that candidates for the various positions were those with credibility and integrity

KUCHING: The Development Bank of Sarawak or DBoS, to be owned and operated by the Sarawak state government, will provide new impetus to the state’s economic development.

Chief Minister, Abang Johari Openg, said Prime Minister Najib Razak had given his approval for the bank’s formation on March 31 this year.

In his winding-up speech at the 18th Sarawak Legislative Assembly sitting here today, he said the bank would be set up properly and run professionally and it would refer to Bank Negara for assistance in ascertaining that candidates for the various positions were those with credibility and integrity.

ԉ۪DBoS will be wholly-owned by the Sarawak Government. It will be structured in such a way as to limit the liability of the government from risks in its operation.

‘’It shall be funded principally through deposits from the government and its agencies, as well as through the deposits of big companies through the money market and not the deposits of the general public in the primary money market,” he said.

Abang Johari added its main role would be to finance strategic projects for the government.

He said it would not compete with the local bank branches so that its resources could be used to leverage more strategic projects, as well as to spread the risks of its lending activities.

Of particular importance in the state is the development of entrepreneurship and DBoS would lead the local banking industry in the provision of seed capital to startups and new ventures, especially in the Digital Economy.

– Bernama

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