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DBOS – An Alternative Financing Route For Sarawak

Abang Johari (third right) is seen during the launch of DBOS on Nov 3, 2017. From right are Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan, State Secretary Tan Sri Datuk Amar Mohd Morshidi Abdul Ghani, Deputy Chief Minister Datuk Amar Douglas Uggah Embas, Sarawak science research advisor Datuk Patinggi Tan Sri Alfred Jabu Numpang, and Second Finance Minister Dato Sri Wong Soon Koh.

THE Development Bank of Sarawak (DBOS) was formed as a new alternative financing model for the Sarawak government to finance development projects at its pace.

DBOS, which was launched on Nov 3, 2017 and commenced operations on Jan 15 last year, focuses on development

projects which Sarawak is or will be involved in. This includes segments such as digital economy, urban public transport,

renewable energy, oil and gas, modern agriculture, and infrastructure.

During a press conference after the launching, Abang Johari said there had been a lot of applications from various

government-related companies and agencies for facilities from DBOS but the bank was still studying the applications.

It is part of the transformation of our state’s economy. We have our own bank which will finance all our strategic projects,

and of course these projects must have commercial value because they are going to have to repay their loans, he said.

With the commencement of business operations, DBOS will be able to start taking deposits from the Sarawak government,

and in the future, from government-linked companies.

As of Oct 23 last year, DBOS holds a total deposit of RM3.448 billion with credit facilities approved and disbursed standing

at RM350 million and RM244 million, respectively.

Assistant Minister of Corporate Affairs Abdullah Saidol said the depositors are government-linked companies (RM7.5

million), local authorities (RM17.6 million), statutory bodies (RM23.2 million), and the public sector (RM3.4 billion).

The credit facilities applications were for strategic-related projects in the state. The bank is adopting best practices like any

other financial institution in processing these (credit) applications, he said when responding to a question from See Chee How

(PKR-Batu Lintang) during last November’s State Legislative Assembly sitting.

Among development projects that Sarawak aims to finance through DBOS includes RM11 billion for the implementation of

various projects, including water and electricity supply, as well as road networks, over the next two years.

Source: Sarawak Government

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