KOTA KINABALU: State-owned Sabah Development Bank (SDBank) will explore strategic partnerships with other development financial institutions to fund targeted development projects in the state.
Chief Minister Datuk Seri Hajiji Noor said SDBank was important in the state’s development.
"The state government sees SDBank as key in supporting the state's strategic thrust under the Hala Tuju Sabah Maju Jaya development plan in promoting and implementing development projects for the best interest of Sabah," he said in a statement here on Friday (Aug 11).
Hajiji also announced that SDBank would be under the purview of the Chief Minister, the state of Sabah (Chief Minister (Incorporation) Ordinance) from its current holding company, Sabah Development Berhad.
He added the bank would be placed under the direct supervision of the state Finance Ministry.
He said the move was part of the measures approved by the state Cabinet to strengthen the state's support to SDBank.
"This move reaffirms the state's commitment to fully back SDBank in discharging its financial obligations and fulfilling its growth ambitions.
"The mandated ambition moving forward is for SDBank to rigorously focus on socially and economically meaningful and environmentally responsible development projects in Sabah," the Chief Minister said.
Hajiji said a new board had been established to drive SDBank towards this strategic direction, with Datuk Seri Lim Haw Kuang as the executive chairman.
Other board members are Finance Ministry Permanent Secretary Datuk Mohd Sofian Alfian Nair, Patricia Ubing (senior independent non-executive director), Datuk Vincent Pung, Dr Dionysia Kibat and Datuk Brenndon Keith Soh.
