GEORGE TOWN (Oct 18): AmBank Group has disbursed a total of RM1.3 billion in the green financing segment as of August this year.

Group chief executive officer Datuk Sulaiman Mohd Tahir said this brings the bank closer to its target of achieving loan disbursement of up to RM4 billion for its financial year ending March 31, 2024.

“We have disbursed about RM1.3 billion for April-August this year by granting green financing facilities to real estate, residential projects, electric vehicles and the warehouse sectors.

“We plan to put more focus on this segment because this is how we can help our customers move towards a low carbon emission future,” he told a press conference after announcing Ambank's RM450 million financing facility to Tanjung Pinang Development Sdn Bhd here on Wednesday.

Tanjung Pinang Development is a 100% subsidiary of Eastern & Oriental Bhd (E&O).

Commenting on the RM450 million financing facility, E&O managing director Kok Tuck Cheong said it would be utilised to develop its township in Penang named Andaman Island.

Kok said response from property buyers for the two projects it has launched in Andaman Island has been overwhelming, whereby its maiden project The Meg is fully taken up by buyers and Arica is now at 90%.

"We will use the loan from Ambank for future developments in the township which we plan to launch next year and are currently awaiting approvals," he added.

Meanwhile, E&O executive chairman Datuk Tee Eng Ho said that with Ambank's support, the property developer would be able to realise its vision for Andaman Island Phase 1, which is expected to have a gross development value (GDV) of over RM17 billion and would be developed over a period of 15 years.

He said the entire project is crafted around a unique mixed development concept that prioritised sustainable living, excellent connectivity and community building.

“We are committed to develop a sustainable development and living. Our work has been recognised with the attainment of the GreenRe Platinum Provisional Certification for the Andaman Island Phase 1 township development project under the township category, being the first in Malaysia.

“Concurrently, The Meg and Arica, which were launched in December 2021 and March 2023 respectively, have also received the same recognition under the residential category," he added.