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Malaysia: US$200mil Scheme for Green Financing
Source: biz.thestar.com.my
Source Date: Saturday, August 14, 2010
Focus: ICT for MDGs, Internet Governance
Country: Malaysia
Created: Aug 16, 2010

FMM, Sumitomo Mitsui to hold talk on its mechanisms

PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) will meet with representatives of Japans Sumitomo Mitsui Banking Corp next week to discuss the mechanisms of a US$200mil (RM632mil) green financing scheme that has been allocated to Malaysian manufacturers, its president said.

We will meet next week and discuss how we will work out this scheme including how much to disburse and to which companies, Tan Sri Mustafa Mansur told StarBizWeek when contacted yesterday.

The financing, the first of its kind in the country will be used to fund various types of green initiatives including renewable energy, recycling and waste management projects, Mustafa said.

The financing was open not only to members of the FMM but also to other companies, he said, stopping short of revealing the criteria needed to be eligible for the scheme.

Its all still very preliminary. When we work it out, well let you know, he said.

On April 20, Prime Minister Datuk Seri Najib Tun Razak witnessed the signing of a memorandum of understanding (MoU) between FMM, non-governmental organisation Green Purchasing Network Association Malaysia (GPNM), and Sumitomo Mitsui to develop the environmental business in the country.

In a statement issued by Sumitomo Mitsui on the same day, the banking group said the environmental business is growing in Malaysia.

Bernama, quoting the statement, said the aim of the MoU was to enhance the environmental business in Malaysia by capitalising on FMMs domestic membership of over 2,400 companies, GPNMs know-how in promoting Green Purchasing (buying products which are eco-friendly), and Sumitomo Mitsuis financing expertise and experience in environmental projects.

The aim of Sumitomo Mitsui is to further grow our business in Southeast Asia by developing the environmental business in Malaysia where there is high potential for reducing greenhouse gases, the statement said.

Malaysia has pledged to reduce its carbon emissions by 40% from 2005 levels by 2020.
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