Banks Asked Not To Shy Away From Financing Green Tech Projects

Posted on September 23, 2010. Filed under: Environmental Science |

(Bernama) — The Energy, Green Technology and Water Ministry hopes that financial institutions will be more supportive when evaluating loan applications for green technology projects.

Its Deputy Secretary General for Green Technology and Water, Datuk Nor Azmal Nazir, said with green technology being a new field in Malaysia, related parties have been cautious in assessing the value of such projects.

“There’s no problem actually. Banks are just being cautious as the industry is new and they take time to look at it indepth,” he told reporters after a media sneak preview for the International Green Technology and Products Exhibition & Conference (IGEM) 2010 here Thursday.

Asked about the RM1.5 billion green technology fund allocated by the government, Nor Azmal said 55 companies had so far been provided with green technology certifications since January this year.

“The value of these 55 companies have surpassed the RM1.5 billion fund,” he said.

Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui said earlier in his speech that IGEM is a good platform for local and foreign players to showcase new business opportunities.

He said the event is in line with government’s effort to promote green technology and move towards a green economy for a high income economic model and sustainable consumption and products.

The text of his speech was read by Nor Azmal.

The inaugural IGEM 2010 will be held from Oct 14 to 17 with over 23 countries and region represented at over 500 booths.

The event is organised by the ministry and Green Purchasing Network Malaysia (GPNM).

GPNM president Tan Sri Mustafa Mansur said IGEM 2010 is expected to churn business matching value of about RM1 billion, adding that 40 per cent of the participants will be local players.

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