GLCs, GLICs committed to invest up to RM50 bln next year - Tengku Zafrul

KUALA LUMPUR: Government-linked companies (GLC) and government-linked investment companies (GLICs) have committed to invest up to RM50 billion next year, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said GLCs and GLICs will continue to play their role as the heart of the country's economy and invest in venture capitals to support start-up companies and entrepreneurs by up to RM1.3 billion.

"GLCs and GLICs will also focus on food security projects worth RM1.35 billion and at the same time encourage sustainability agencies with the launch of the sustainability framework and set targets to achieve a fully environmental, social and corporate governance (ESG)-compliant portfolio and carbon-neutral operations," he said while presenting Budget 2023 in Parliament today.

At the same time, the government will launch the Public-Private Partnership Master Plan 2023-2032 to introduce new public-private partnership (PPP) models that could drive infrastructure projects.

"Accordingly, a total of RM250 million will be allocated for the Infrastructure Facilitation Fund to support the implementation of high impact PPP projects in the infrastructure, social and security sectors," he added.

He noted that the Finance Ministry had launched the Principles of Good Governance guidelines to be adopted by all GLICs and extended to all GLCs.

"Furthermore, an investment standard will be launched to ensure that the sustainability agenda is considered in the GLIC investment process," he said.

-- BERNAMA