IBM offers US$3b financing to Europe, Asia-Pacific

Tags: IBM | IBM Global Financing | Vernon Chen

Written by The Edge Financial Daily

Wednesday, 01 July 2009 23:46

KUALA LUMPUR: International Business Machines (IBM) is making up to US$3 billion (RM10.6 billion) available to finance IT initiatives in key economic stimulus projects in Europe and Asia-Pacific through IBM Global Financing, IBM's lending and leasing business segment.

This follows the availability of up to US$2 billion announced by IBM on April 30 to help jump start US economic stimulus programmes.

In a statement today, IBM said it would make available up to US$2 billion in financing in Europe and up to US$1 billion in the Asia-Pacific region.

"Malaysia is one of the countries earmarked to gain from this allotment of monies. The immediate availability of financing will help organisations move ahead with IT projects in 2009, while awaiting government funding, to build the technological and environmental infrastructure of the 21st century," it said.

IBM said the much needed financial boost was timely to help Malaysia and local organisations accelerate the pace and revive projects aligned to the stimulus budget, with key emphasis on improving local infrastructure projects in healthcare, transport, urban development, energy and water management.

"There is a great sense of urgency to stimulate the economy. Our government is taking keen and remedial measures by allocating RM67 billion to rejuvenate various facets in the industry.

"We believe our financing effort lends support to this intention, and also to promote greater transformation in business TECHNOLOGY [] to enable companies to emerge ahead after this gloomy period," said Vernon Chen, general manager for Malaysia, IBM Global Financing.

IBM said the financing would allow companies to invest in technology for business growth, increase competitiveness through efficiency, and enjoy productivity gains through smarter processes and systems.

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Last Updated on Wednesday, 01 July 2009 23:46

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