10% of MDV loans for IT

KUALA LUMPUR: Malaysia Debt Ventures Bhd (MDV) aims to disburse at least 10% of loans for the information technology (IT) portion of biotechnology projects in five years.

Managing director and chief executive officer Md Zubir Ansori Yahaya said biotechnology required high IT equipment to support research and development, and eventually the production of the commercialised item.

“MDV has no mandate to fund biotechnology projects and as such, needs to obtain the go-ahead from the Government and funds allocation for this sector,” he said at the collaborative partnership signing ceremony between MDV and Technopreneurs Association of Malaysia (TeAM) here on Tuesday.

Zubir said MDV was in the process of seeking government approval and further news would only be known in the first quarter of 2007.

MDV is the innovative financier and development facilitator for ICT, as well as high growth sectors.

– Bernama