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The Star
6 days ago
- Business
- The Star
CELEBRATING FINANCIAL SYNERGY
CREDIT Guarantee Corporation Malaysia (CGC), a cornerstone of the nation's financial ecosystem for 53 years, recently celebrated the 30th edition of its annual awards, providing a platform to reflect on its enduring mission and future direction. The CGC Awards 2024 - 30th edition, held at Hilton Kuala Lumpur on July 31, were attended by key figures including Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour. 'I would like to thank CGC for their continued role in strengthening access to financing for the unserved and underserved,' said Abdul Rasheed in his special address during the event. 'CGC's partnership with financial institutions has enabled tens of thousands of businesses to access financing they otherwise might not have received. These efforts help sustain jobs, protect livelihoods and ensure viable businesses do not get left behind. 'Looking ahead, let us continue to build a financial ecosystem that not only supports firms at their beginnings, but accompanies them, through every stage of their growth.' More than 280 distinguished guests, including top representatives from financial institutions (FIs), Islamic financial institutions (IFIs), development financial institutions (DFIs), mid-tier companies (MTCs), strategic partners, government agencies and award-winning MSMEs also attended. The event highlighted CGC's evolution from a traditional guarantor to a dynamic institution dedicated to the growth and development of micro, small and medium enterprises (MSMEs). In the past three decades, CGC's philosophy has focused on nurturing MSMEs from their initial stages to full maturity, providing crucial financial support for businesses to thrive independently. This approach has yielded significant results, with over 16,000 MSMEs graduating from CGC's guarantee support between 2019 and 2024 alone. This success metric, where CGC is 'happy to lose its customers', signifies the institution's commitment to fostering self-sustaining businesses. 'As inclusivity remains a key mandate for CGC, we will continue to encourage more substantive and participative forms of business partnerships,' said CGC chairman Mohammed Hussein. CGC chairman Datuk Mohammed Hussein emphasised that resilience in business starts with hands-on leadership and deep operational understanding. 'Resilience often begins with strong, hands-on leadership and a deep understanding of a business's internal dynamics, customer needs, supply chain and the broader ecosystem,' he said. 'Business sustainability hinges on management's ability to navigate these interdependencies — a competency that comes from active participation, not passive ownership. 'As inclusivity remains a key mandate for CGC, we will continue to encourage more substantive and participative forms of business partnerships between races and communities across the economic supply chain.' The institution's commitment to collaboration and inclusivity is evidenced by a slew of initiatives launched last year. These strategic partnerships include working with the Investment, Trade and Industry Ministry to streamline government grants, collaborating with the Securities Commission to explore market-based funding for MSMEs and a groundbreaking partnership with Visa and Alliance Bank to introduce the country's first guaranteed MSME credit card. Additionally, CGC Digital, the corporation's fintech subsidiary, has forged alliances with digital-first players, like Funding Societies Malaysia and Boost Bank, to provide seamless and accessible digital financing solutions. 'These are not just programmes, but pathways to resilience and sustainability,' Mohammed Hussein added. In the pursuit of inclusive and sustainable growth, CGC has also prioritised green and women-led enterprises. To date, it has channelled over RM2.4bil to support high-tech and climate-aligned MSMEs. The BizWanita financing scheme, designed to empower women entrepreneurs, has benefitted 1,163 accounts with over RM77mil in financing, reflecting the growing recognition of women-led businesses as a vital economic force. Looking ahead, CGC is actively shaping the next generation of entrepreneurs through its CGC100 Entrepreneurship Programme, in partnership with the Education Ministry and Pintar Foundation. The programme instils crucial business knowledge and values in young entrepreneurs, particularly from underserved communities. From its initial cohorts, many participants have observed improved business performance and the creation of new jobs, showcasing the programme's potential impact. Since its inception in 1972, CGC has facilitated over 540,000 guarantees and financing to MSMEs valued at over RM100bil. A night of recognition At the CGC 30th Awards 2024, 28 award winners, comprising 24 recipients from FIs, MTCs and MSMEs, were honoured for their achievements across three categories, putting a spotlight on exceptional contributions in financing, innovation and entrepreneurial success. CGC president and chief executive officer Datuk Mohd Zamree Mohd Ishak said MSMEs are the backbone of our economy, and CGC is proud to be entrusted with the mandate to support and empower them. 'This annual awards ceremony is our way of acknowledging the invaluable support from our strategic partners, and of celebrating the achievements of Malaysia's competitive and dynamic MSMEs. 'As we continue to navigate through these challenging times, CGC remains firmly committed to advancing the financial inclusion agenda — ensuring that all deserving MSMEs receive the support they need to thrive,' he said. Over 280 distinguished guests from various financial institutions, partners and MSMEs gathered during CGC's 30th Awards 2024. At the ceremony, CIMB Islamic Bank Bhd was honoured as the Best Financial Partner, Top Islamic FI Partner and Top Bumiputra SMEs FI Partner. Top Conventional FI Partners included Alliance Bank Malaysia Bhd , OCBC Bank (Malaysia) Bhd and Standard Chartered Bank Malaysia Bhd. Additionally, OCBC Al-Amin Bank Bhd and Standard Chartered Saadiq Bhd were named among the Top Islamic FI Partners, while Bank Simpanan Nasional was awarded Top FI Partner – imSME. CGC also awarded special recognition to Bank Muamalat Malaysia Bhd for New Strategic Partnership, and Alliance Bank Malaysia Bhd, Bank Kerjasama Rakyat Malaysia Bhd and Bank Simpanan Nasional for Innovation Excellence. Meanwhile, the Merdeka Awards, which recognise businesses that lead substantive partnerships between races and communities, were presented to Serai Group, Keyfield International Bhd , VSD Automation Sdn Bhd, Gading Kencana Sdn Bhd and Mydin Mohamed Holdings Bhd. The Merdeka Digital Excellence Special Recognition was awarded to Shopee Mobile Malaysia Sdn Bhd for the company's efforts in empowering MSMEs through digital platforms. The recipients of the SME Awards, comprising MFZ Izdihar Enterprise, A&Z North Rich Trading and Era Kejuruteraan for G1 and G2 contractors, and Rintiz Rezky (M) Sdn Bhd, LP Group Sdn Bhd and Perawah Enterprise for G3 contractors and above. Finally, the CGC Developmental Award recognised the sales growth and potential of Nozoly Food Industry Sdn Bhd, Jaqued Holdings Sdn Bhd and TLE Trading Sdn Bhd, upon completion of the 24-month CGC Development Programme. In response to the recognition, CIMB Islamic Bank Bhd group chief executive officer Novan Amirudin said that the awards are a crucial initiative to advance business progress in the country. 'We are honoured to partner with CGC in this extremely important endeavour. At CIMB, our purpose is to advance our customers and society, and to do that, we need to work together with MSMEs so that they can grow and thrive,' he said. 'These awards are a direct reflection of our purpose, and the reason why we embark on this with CGC.'
Associated Press
27-06-2025
- General
- Associated Press
Action Against Hunger Mourns the Loss of Two Beloved Colleagues in Gaza
A spokesperson is available. Please contact [email protected] for inquiries. NEW YORK and JERUSALEM, June 27, 2025 /3BL/ - Action Against Hunger is devastated to share the news that two of our colleagues, Mohammed Hussein and Obada Abu Issa, were killed the afternoon of June 26th during an airstrike. They were not working at the time, nor were they in a zone under displacement orders. Mohammed and Obada had been beloved members of Action Against Hunger's team in Gaza for the last year. Obada was 30 years old. He leaves behind his wife and two children. Obada joined the Water, Sanitation, and Hygiene (WASH) team in February 2024 as a Program Field Assistant. His loss creates an irreplaceable gap for the team. A treasured colleague and friend, Obada will be remembered for his humor and professionalism. Mohammed was 20 years old. He was looking forward to extending his contract for another year, carrying a vision for his future and trying to shape it as best he could. Mohammed's friends and colleagues cherish him as an example of morality, a boy with a generous heart that embraced everyone, giving those around him sincere support without asking anything in return Action Against Hunger will continue to remember Obada Abu Issa and Mohammed Hussein with warmth. Our thoughts are with their families at this tragic time. Psychological support is being provided to Action Against Hunger's teams in Gaza. Action Against Hunger calls for an immediate and permanent ceasefire. The protection of humanitarian workers and civilians must be upheld in accordance with international law. Action Against Hunger reaffirms its unwavering commitment to its humanitarian mission and will continue to provide support in Gaza. *** Action Against Hunger leads the global movement to end hunger. We innovate solutions, advocate for change, and reach 21 million people every year with proven hunger prevention and treatment programs. As a nonprofit that works across over 55 countries, our 8,900 dedicated staff members partner with communities to address the root causes of hunger, including climate change, conflict, inequity, and emergencies. We strive to create a world free from hunger, for everyone, for good
Arab News
04-05-2025
- Business
- Arab News
Can Iraq's Development Road project become its gateway to prosperity?
LONDON: Under the Abbasid Caliphate, some 1,200 years ago, Baghdad sat at a crossroads between continents, a global confluence of commerce, culture and learning, becoming one of the most important cities on the Silk Road — the vast trade network that linked Asia to Europe. It is that same strategic positioning that the modern-day government of Iraq hopes to recreate through a mega-project that could transform the nation's fortunes after decades of war, sanctions and underdevelopment, and in the process reshape international trade. The Development Road scheme aims to connect the Arabian Gulf to the Mediterranean with a 1,200 km network of roads, railways and energy links from across Iraq to neighboring Turkiye. The project is expected to cost up to $20 billion and will be constructed in partnership with Turkiye and with backing from Qatar as well as the UAE. If successful, it could carve out a new future for Iraq, diversifying its economy and raising substantial revenues. It would help export the country's plentiful energy resources, while also consolidating relations with Turkiye and the Gulf states. But the project faces several challenges, both within Iraq and the wider region. Corruption, interstate rivalries, political instability and conflict could derail the scheme, as could competition from other trade corridors in the region. Failure would raise uncomfortable questions about whether Iraq can ever move beyond its chaotic past to build the kind of country its people desperately seek. 'The Development Road project is one of the most important infrastructure projects initiated in Iraq since the formation of the modern Iraqi state in the 1920s,' Mohammed Hussein, a member of the Iraqi Economists Network, told Arab News. The idea for a new trade corridor through Iraq has been around for decades. In the 1980s, the concept was branded the 'dry canal' — tipped as an alternative to the Suez in Egypt. But wars and sanctions on Saddam Hussein's regime prevented any progress. In response to public outrage over Iraq's continued economic malaise — especially given the size of its oil reserves — the concept has since re-emerged as part of a broader development agenda, helped along by a period of relative stability and improving relations with Turkiye. The Development Road was launched in 2023 after a meeting between Iraqi Prime Minister Mohammed Shia' Al-Sudani and Turkish President Recep Tayyip Erdogan. Central to the plan is the Grand Faw Port now under construction on Iraq's slither of shallow coastline at the head of the Arabian Gulf. When completed, Iraqi officials say the port will have 100 berths, surpassing Jebel Ali in Dubai as the Middle East's largest container port. Grand Faw will connect to a network of highways and railways running through major Iraqi cities including Basra, Karbala, Baghdad and Mosul, all the way to the Turkish border at Faysh Khabur. From there, they will connect to Turkiye's networks, linking up with its major Mediterranean ports and its land border with Europe. Oil and gas pipelines are also planned to follow the route, linking Basra's oil fields to Turkiye's Ceyhan energy hub. The scheme, which will be built in three stages up to 2050, would see industrial areas constructed along its route. However, much of the project still remains in the planning phase. In April last year, Turkiye, Iraq, the UAE and Qatar signed a joint cooperation agreement on the project during a long-awaited visit by Erdogan to Baghdad. 'The project aims to create a sustainable economy bridging east and west,' Al-Sudani's office said, adding that it would 'establish a new competitive transport route, and bolster regional economic prosperity.' A planned visit by the Iraqi prime minister to Turkiye on May 8 is expected to advance the plan further. If successful, the project would bring numerous benefits to Iraq, diversifying its economy away from oil and gas and creating hundreds of thousands of jobs. According to Hussein of the Iraqi Economists Network, the project could generate $4 billion per year in customs revenues. 'The Development Road is likely to enhance Iraq's role in global trade and directly revitalize its non-oil economic sectors such as trade, transportation and tourism,' he said. • 99% Oil's share of Iraq's exports over the past decade. • $20 billion Estimated cost of Development Road project. (Sources: World Bank & media) There would also be a major boost to Iraq's strategic positioning, strengthening economic and security relations with Turkiye, the Gulf states and Europe. 'From a global perspective, the Development Road is extremely important for Iraq, as it positions the country as a land bridge between Asia and Europe,' said Hussein. 'It aims to serve as a new route for global trade from the Arab Gulf to Europe, transforming Iraq into a transit hub similar to the Suez Canal.' Renad Mansour, a senior Iraq research fellow at Chatham House, believes the project represents a clear statement of Iraq's ambition to put decades of chaos behind it and become a more influential power in the region. The government sees the project 'as an opportunity for Iraq, after years of conflict and dependencies, to start to regain some traction in the region by becoming an important central hub,' he told Arab News. Iraq's geographic position would become a 'potential point of leverage' that could rebuild its regional position, he added. The Development Road also offers substantial benefits to Turkiye. Ankara 'views this project as a strategic opportunity to boost its regional role, enhance its trade ties with regional actors and solidify the economic connectivity in the region,' Sinem Cengiz, a Turkish political analyst, told Arab News. It also marks a sea change in Turkiye-Iraq relations, which have long been dominated by border security, Turkiye's conflict with Kurdish militants and control of water resources. 'From the Turkish side, it is an opportunity to transform its relations with Iraq from a security-oriented perspective to an economically integrated relationship,' said Cengiz. 'This project provides a framework for long-term mutual dependency and a rare chance for Turkiye and Iraq to compartmentalize, and institutionalize their relations.' There are, however, an array of challenges and potential obstacles that could delay or scuttle the project altogether. The biggest risks come from within Iraq itself. Since the 2003 US-led invasion, Iraq has experienced a devastating civil war, a savage conflict with Daesh extremists and the emergence of powerful Iran-backed militias. 'The Iraqi state remains fragmented and corruption is still a big challenge,' said Mansour. 'There's all sorts of challenges, political and security-wise, that would need to be addressed to ensure the sustainability of such a grand vision.' The country still ranks poorly on Transparency International's corruption perceptions index, although there has been gradual improvement since 2015. This, along with other bureaucratic obstacles, means ensuring efficient project management is a significant concern. 'Iraq's reputation for corruption, weak law enforcement, bureaucratic inefficiency, and an underdeveloped business environment will certainly increase the project's cost and duration,' said Hussein. The nature of the project means it will have to be built through many regions of the country, each with its own ethnic, religious and political mix. 'The road will go through several different territories where the central government doesn't have as much authority and you have different armed groups and different sides who would need to be part of this process or could turn into spoilers,' said Mansour. The route avoids most of Iraq's semi-autonomous Kurdistan region in the north, apart from the last 20 km where it reaches the border with Turkiye, potentially creating new rifts with the country's large Kurdish minority. The Kurdistan Regional Government has accused the federal government of deliberately bypassing the territory and excluding Kurdish areas that would otherwise have benefited from the scheme, said Hussein. 'The project has raised concerns among KRG leaders, who are demanding it be designed to pass through at least two of the KRG provinces, Irbil and Duhok,' he said. The federal government, however, denies the KRG's claim, insisting the current route is based on cost-efficiency. There are also major external challenges to the project. Grand Faw Port is located just a few kilometers from Kuwait's long-proposed Mubarak Al-Kabeer Port, which is also under construction. The projects have exacerbated a long-running dispute over the maritime border between the two states and raised tensions over competition between the two ports. 'To prevent tensions and avoid creating a sense of insecurity, Kuwait must be somehow integrated into the process,' said Cengiz. 'This would make the project more regionalized and help build a more stable environment for cooperation.' Iran, which has huge influence in Iraq, particularly through the militias it funds, is also watching the scheme warily. Some argue the corridor could benefit Iran, but could also pose significant competition to its Gulf ports and plans for its own trade route linking Asia to Europe. Then there is the rivalry with existing trade routes, most notably the Suez Canal, which is vital to Egypt's economy. Attacks on shipping in the Red Sea by Yemen's Houthis have dramatically reduced shipping through the waterway, increasing the cost of transporting goods from Asia to Europe. Iraqi officials claim the Development Road will offer a much faster route from Asia to Europe than the Suez, even without the current shipping disruption. Another major corridor through the Middle East is also being developed between India, the Gulf states, and Europe, and was set to include Israel and Jordan. Known as the 'India-Middle East-Europe Economic Corridor,' or IMEC, the project has won the backing of the US. However, the war in Gaza has presented challenges. IMEC was viewed by some as a response to China's Belt and Road Initiative — the vast set of infrastructure projects launched in 2013 to create land and maritime networks between Asia and Europe. China has not yet committed to providing financial backing to the Development Road but has hinted that the project could be integrated into its BRI, raising a possible point of contention with the US. Despite these many challenges, there is widespread support within Iraq for the project. If successful, the Development Road could become a beacon of hope for a nation emerging from a long night.
Asharq Al-Awsat
20-03-2025
- Politics
- Asharq Al-Awsat
Hamas Fires at Tel Aviv in First Riposte to Deadly Israel Assault
Hamas said it fired rockets at Israeli commercial hub Tel Aviv on Thursday in its first military response to the growing civilian death toll from Israel's resumption of air and ground operations in Gaza. Israel said it had closed off the territory's main north-south route as troops expanded the ground operations they resumed on Wednesday. Gaza's civil defense agency said 504 people had been killed so far in the Israeli assault, including more than 190 children. Its previous death toll was at least 470. The armed wing of Hamas, the Ezzedine al-Qassam Brigades, said it fired rockets at Tel Aviv in response to Israel's "massacres" of Gaza civilians. The Israeli army said it intercepted one projectile fired from Gaza and that two others struck an uninhabited area, AFP reportd. After weeks of stalemate, Israel resumed its air campaign early Tuesday with a wave of deadly strikes that drew widespread condemnation. The offensive shattered a relative calm that had pervaded in the war-ravaged Palestinian territory since a ceasefire took hold on January 19. At the Indonesian Hospital in northern Gaza, grieving families knelt by the bodies of their loved ones enveloped in blood-stained white shrouds. "We want a ceasefire! We want a ceasefire!" one of them, Mohammed Hussein, told AFPTV, appealing for the international community to stop the killing. "We are defenceless Palestinian people," he added. On Thursday, the Israeli army banned traffic on the territory's main north-south artery. Palestinians were seen fleeing south along Salaheddin Road near the Nusseirat refugee camp atop donkey-drawn carts piled high with belongings. "Over the past 24 hours, Israeli soldiers have begun a targeted ground operation in the central and southern Gaza Strip in order to expand the security zone between the northern and southern parts," army spokesman Avichay Adraee said on X. Movement along Salaheddin Road between the north and south of the Gaza Strip is prohibited "for your safety", he said. "Instead, travel from northern Gaza to the south is possible via the Al-Rashid coastal road," Adraee added, without spelling out whether that meant movement from south to north was banned. Asked by AFP for clarification, the army had no immediate comment. - 'Inhumane ordeals' - An official from Gaza's Hamas-run interior ministry said the Israeli army had closed what it calls Netzarim Junction, on Salaheddin Road just south of Gaza City, on Wednesday evening. The official said Israeli tanks had deployed at the junction, where the road artery crosses Israel's main supply route, "following the withdrawal of American special security forces yesterday (Wednesday) morning". He was referring to American private security contractors deployed in February after the pullback of Israeli forces under the terms of the January ceasefire. The first stage of the ceasefire expired early this month amid deadlock over next steps. Israel rejected negotiations for a promised second stage, calling instead for the return of all of its remaining hostages under an extended first stage. That would have meant delaying talks on a lasting ceasefire, and was rejected by Hamas as an attempt to renegotiate the original deal. The head of the UN agency for Palestinian refugees (UNRWA) on Thursday deplored "an endless unleashing of the most inhumane ordeals" on the people of Gaza since Israel resumed its military offensive. "Israeli Forces bombardment continues from air & sea for the third day," Philippe Lazzarini wrote on X. "Under our daily watch, people in Gaza are again & again going through their worst nightmare."
Voice of America
05-02-2025
- Business
- Voice of America
VOA Kurdish: Fake stock exchange scams steal millions from Kurdistan region
Millions of dollars have been taken from people in the Kurdistan Region through fake stock exchange companies. According to Mohammed Hussein from the Iraqi Economists Network, some websites were created to trade commodities internationally, but they were scams that stole people's money. Experts say the lack of laws to regulate online trading in Iraq and Kurdistan has allowed these scams to grow. Many people without financial experience invest in the stock market and lose large amounts of money, while some companies sell far more than their actual value. Click here for the full story in Kurdish.
