Malaysia’s green projects receive massive bank funding

Malaysia’s national energy research centre said the country will finance over 50% more green projects in 2013 compared to this year.

Malaysian Green Technology Corporation expects over 50 green projects to receive bank funding next year under the Green Technology Financing Scheme compared to 30 this year.

The company said banks are now keener to approve green projects while the government, through the Ministry of Finance, is also ready to promote renewable projects. The ministry has set aside another US$656 million to further advance the production and use of green technology- based products until December 31, 2015 when the program ends.

The 21 participating banks have approved US$264 million for the projects, of which over US$82 million has been disbursed. The government noted that the time taken by banks to approve green projects has also decreased significantly, from over a year to between six weeks and two months.

Malaysian Green Technology Corporation or GreenTech Malaysia
coordinates various activities, specifically energy planning and research, energy efficiency, and technological research, development and demonstration, undertaken by the energy sector due to the long lead times needed by energy projects to come on-stream.

GreenTech Malaysia will eventually become a one-stop focal point for linkages with the universities, research institutions, industries and other various national and international organizations on energy matters.