China Eximbank pledges 1 billion RM loan for Phase 1 of Penang Transport Master Plan
Pledged amount
$ 268091134.03089434
Adjusted pledged amount
$ 268091134.03089434
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Malaysia
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Description
On May 31, 2017, Penang State Government planned to borrow money from China Eximbank to finance the Penang Transport Master Plan. On June 4, 2017, the Penang State Assembly passed the Penang Loan Bill 2017 to enable the government to borrow from China Eximbank. Then, on or around June 10, 2017, a memorandum of understanding (MOU) with China Eximbank was signed regarding a 5-year, RM 1 billion loan for Phase 1 of Penang Transport Master Plan. On July 1, 2020, Gamuda Bhd announced that the Penang State Government had confirmed the appointment of its joint venture (60%-owned subsidiary) to be the project delivery partner (PDP). SRS Consortium –- a joint venture between Gamuda Berhad, Loh Phoy Yen Holdings Sdn. Bhd. and Ideal Property Development Sdn. Bhd. — is the PDP for the Penang Transport Master Plan (PTMP) and the South Reclamation Scheme (SRS)
Additional details
this project most likely has not reached the commitment stage with China Eximbank loan yet as stage 2 coder went through the latest press release. Needs further investigation;
Number of official sources
2
Number of total sources
7
Details
Cofinanced
No
Implementing agencies [Type]
Government of Malaysia [Government Agency]
SRS Consortium [Joint Venture/Special Purpose Vehicle]
Loan Details
Maturity
5 years