Kuala lumpur: MBSB Bank Bhd has entered into a strategic partnership with the Northern Corridor Implementation Authority (NCIA) by signing a memorandum of understanding (MoU) aimed at enhancing economic development in the Northern Corridor Economic Region (NCER) through financing facilities of up to RM1 billion.

According to BERNAMA News Agency, MBSB Bank chairman Datuk Wan Kamaruzaman Wan Ahmad emphasized that this collaboration is expected to create significant opportunities for small and medium enterprises (SMEs) to establish and grow their businesses in the Northern region. The financing will empower SMEs to increase their capacity, engage in major supply chains, and contribute to the long-term economic growth of the Northern Corridor.

The MoU was signed by MBSB Bank group chief commercial banking officer Noor Mohamed Amin and NCIA chief operating officer Hasri A Hassan. MBSB Bank group chief executive officer Rafe Haneef noted that the partnership aims to attract high-potential companies, particularly those that are export-oriented, to secure financing from the bank. He also mentioned MBSB Bank's collaboration with the European banking group, Santander Group, to facilitate companies in expanding their export activities internationally.

NCIA chief executive Datuk Mohamad Haris Kader Sultan highlighted that the partnership supports strategic growth sectors in the NCER, such as electrical and electronics, advanced manufacturing, agri-food, logistics, the digital economy, and green technology. He stressed the importance of strategic partnerships in building the ecosystem needed to attract investments, accelerate project implementation, and drive sustainable economic growth under the 13th Malaysia Plan.

The NCIA is responsible for planning and driving economic growth in the NCER, which includes the states of Perlis, Kedah, Penang, and Perak. The region has become one of Malaysia's fastest-growing economic zones, drawing significant domestic and foreign investments in high-value industries.