KUALA LUMPUR, Nov 26 (Bernama) -- Green technology will play a crucial role in the new economic model as it will be one of the new growth engines to the country, says Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui.

"Prime Minister Datuk Seri Najib Tun Razak wants to promote green technology usage to push for economic growth in the new economic model.

"We are talking about green growth and green financing and how it can be done through the green development process.

"Following the discussions, the government recently announced RM1.5 billion allocation to issue soft loans to companies supplying and utilising green technology.

"Looking at the number of companies it may not be huge. If there are very good takers from the industry, I'm sure the RM1.5 billion will be increased.

"Green technology can be the catalyst to boost the industry," he told reporters after opening the International Greentech and Eco Products Exhibition and Conference.