The bonds will be guaranteed by the federal government, says Chief Minister Chow Kon Yeow.
The Penang government will set up a special purpose vehicle to issue bonds to pay for the state’s light rail transit project.
“Prior to this, the state government had applied for an allocation of RM10 billion in federal funding to cover part of the Penang Transport Master Plan , but the federal government proposed for the state government to set up the SPV to issue bonds with a sovereign guarantee from the federal government,” he told reporters at the Dewan Sri Pinang in George Town yesterday.
“So far, there are several banks that have come out with proposals on how they can help manage the funds for the project because the project is now entering its final stage,” he said. Nevertheless, he said the state government would still apply for an allocation under the 12th Malaysia Plan for all projects under the PTMP.
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