KELANA JAYA, June 18 (Bernama) -- From April 2020 to December 2021, Credit Guarantee Corporation Malaysia Berhad (CGC) has committed to guarantee up to RM10.0 billion for Micro, Small and Medium Enterprises (MSMEs) affected by the Covid-19 pandemic so as to assist them in reviving and recovering their businesses.
 
At its recent 48^th Annual General Meeting held virtually on 17 June 2021, CGC reaffirmed its commitment to support MSMEs in their journey to recovery, rested on courage, strength and capacity to bounce back.
 
Dato’ Mohammed Hussein, CGC Chairman in his address to the shareholders said, “We are now facing the third wave of the Covid-19 pandemic, and this has led to MCO 3.0.  The next few months will continue to be challenging for the broad SME sector. CGC is optimistic that the various assistance packages including PEMERKASA and PEMERKASA Plus will help to absorb the impact and provide a breather, especially to our MSMEs. This coupled with the ongoing National Covid-19 Immunisation Programme will further facilitate Malaysia’s economic recovery. At times like this, CGC will continue to play our counter-cyclical roles to support MSMEs sustainability and recovery.”
 
President/Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak while presenting the Corporation’s performance for the Financial Year Ended 31 December 2020 and the Outlook for 2021 said that despite the challenging economic environment in 2020, CGC registered a healthy performance, driven by its commitment to better serve MSMEs through innovative products and services to address their needs at various stages of development.
 
“The Covid-19 pandemic and the ensuing economic crisis resulted in the Corporation’s net profit reducing by RM106.8 million (49.6%) from RM215.3 million in 2019 to RM108.5 million in 2020,” highlighted Datuk Zamree. He added that CGC had successfully completed its 5-year Strategic Plan (5SP) 2016-2020 and is currently into the first year of its 5SP 2021-2025. The Corporation aims to intensify its transformational initiatives aspiring to be the ‘Partner for MSME Growth Across Life Stages’.
 
With regards to CGC’s Beyond Guarantee initiatives, the Corporation continues to leverage digitalisation via imSME, its online financing referral platform which is available 24/7. In addition, through the Khidmat Nasihat Pembiayaan initiative (MyKNP@CGC), CGC also offers advisory services for MSMEs whose financing applications were rejected by banks, an opportunity to improve their eligibility.
 
In his closing address, Datuk Zamree reiterated that “CGC remains committed to its mandate and is confident that with all of us playing our part, an accelerated wave of economic recovery is in sight.”