Iskandar Waterfront Holdings Sdn Bhd (IWH) has inked a RM371 million facility agreement with CIMB Bank Bhd to part finance IWH-CREC’s investment in the Bandar Malaysia Project.
The consortium between IWH and China Railway Group Ltd (CREC), IWH-CREC is investing 60 percent equity interest in the Bandar Malaysia Project, reported New Straits Times.
It is jointly developing the project with the Ministry of Finance.
Given Bandar Malaysia Project’s strategic location in Kuala Lumpur, IWH is highly confident that the national project has the potential to become the foremost integrated transportation and financial hub in the country, said IWH executive vice chairman Tan Sri Lim Kang Hoo.
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“We are glad that CIMB, as the first local Malaysia Bank to provide a facility for the Bandar Malaysia Project,” he said, adding that this clearly indicates CIMB’s confidence in the mega project.
IWH-CREC was selected as the master developer of the project via an open tender exercise that was participated by more than 40 world-renowned companies, including from Australia, Japan and the Middle East in 2015.
“The reinstatement of the Bandar Malaysia Project by the Federal Government in April 2019 by the present Government, reaffirms that Bandar Malaysia will have a major positive impact on the Malaysia’s economy,” said the company.
“It will serve as a global hub to attract high impact global finance, technology and entrepreneurial firms, especially those from the list of Fortune 500 Companies, by enticing them to establish their regional offices in Kuala Lumpur.”
The signing ceremony for the financing facility was held at the CIMB headquarter, with IWH group executive director Lim Chen Herng and CIMB group head of corporate banking Lo Nyen Khing representing IWH and CIMB, respectively.
Witnessing the signing were CIMB chief executive officer Tengku Datuk Seri Zafrul Abdul Aziz, China Railway Dongfang group chairman Chen Zhi Gong and Lim Kang Hoo.
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