“Affin Bank will be the bank that boosts our SMEs. We want to make our SMEs very active and participate in the expanding economy of Sarawak,” he said.

Expecting the negotiation to be concluded within two months, the premier said he would only reveal the structure of the bank’s ownership at the right time, according to Bernama.

Sarawak’s state investment arm, State Financial Secretary, and the Armed Forces Fund Board (LTAT) are currently in negotiation for the former to acquire an additional stake in Affin Bank.

Meanwhile, Abang Johari also announced that a substantial allocation has been set aside to develop Sibu, turning it into a smart city.

He said he could not reveal the amount as the main core of the development has yet to be finalised.

“But I can assure you that there is a lot of money coming to Sibu.

“Therefore, we in Gabungan Parti Sarawak have to work very hard to increase our revenue and give it to Sibu in order to rejuvenate it,” he said, adding that the development will take up at least 10 years.