KUCHING: Sarawak’s ability to push ahead with major development projects even during periods of federal funding uncertainty stems from the state’s decision to establish its own bank.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the state’s financial strategy gives the government the flexibility to finance strategic projects independently while ensuring that profits generated by the bank return directly to Sarawak.
“By utilising fundamental banking principles, the state is able to create its own financing space to support capital-intensive projects, including road and bridge construction,” he said during the Gabungan Parti Sarawak (GPS) backbenchers gathering here on Wednesday (Dec 3).
Abang Johari added that the alternative funding model was crafted to safeguard Sarawak’s development momentum, particularly when certain federal projects were previously cancelled.
“This is why we have our own bank to finance our projects. A lot of people may not understand it at first, but the concept is simple,” he said, adding that the mechanism allows the state to convert its financial assets into long-term development value.
Abang Johari also emphasised that Sarawak’s sound financial planning has allowed the government to fulfil its commitments and deliver on promises made to the people.
He noted that while some parties have been campaigning on issues such as the Sarawak Sovereign Wealth Fund and pre-education funding, these initiatives were already part of the state’s forward-looking plans.
“What we have done is to prepare for the future. That is why we are able to perform and implement what we promised,” he said.
The Premier added that although initiative such as free education was not initially listed in the GPS manifesto, the state government proceeded with the initiative as part of its commitment to strengthen human capital development.
“Our approach is about long-term planning, not just funding for a short period,” he said.
