KUCHING, Nov 3 ― The state-owned Development Bank of Sarawak (DBoS) will have a paid-up capital of RM500 million, Chief Minister Datuk Patinggi Abang Johari Openg said at the launch of its logo here today.

He said it will start operational in January next year, with veteran banker Sim Kheng Boon, who has many years of experience in the banking and securities sector, as its chief executive officer.

"The bank is the way forward for us through the provision of facilities like term loan, bridging loan, revolving credit facility for working capital financing, loan syndication and bank guarantee,” Abang Johari said.

The chief minister said there are a number of strategic projects that the state government wants to venture into to expedite development that would be financed with the state-owned resources through the service of DBoS.

"We want to invest in some specific areas in order to harness the vast potentials of our resources, increase consumption in order to further boost our domestic economy in the long-term.

"Our focus would be on infrastructure development, development in the oil and gas industry, renewable energy, urban transport, telecommunication, digital economy, healthcare and integrated agriculture,” he said.

He added the state government also wants to play an active part in the development of the state's oil and gas industry alongside the national oil company Petronas.

Abang Johari said one of the projects is the setting up Sarawak’s wholly-owned methanol plant in Bintulu which will materialise very soon.

"This is the initial step that we are taking to turn Bintulu into a gas hub and I can foresee that DBoS is going to play a big part in this effort,” he added.

He also said DBoS will play a major part in fixing 1,020 dilapidated schools in Sarawak through financing, if the RM1 billion federal allocation is insufficient.

He added that DBoS will finance the construction of the proposed Light Rail Transit (LRT) system which will connect Kuching with its periphery.

"LRT is an urban transportation system that city like Kuching must have as part of its modernisation programme,” he said.

Sarawak State Secretary Tan Sri Morshidi Abdul Ghani is the bank chairman, with corporate figure Datuk Sharkawi bin Alis, Deputy State Financial Secretary Datuk Laura Lee Ngien Hion, consultant engineer Christopher Adrian and banker Ho Swee Huat as board directors.