KUALA LUMPUR, Nov 22 -- Iskandar Waterfront Holdings Sdn Bhd (IWH) has executed a RM371 million facility agreement with CIMB Bank Bhd to part-finance the investment by IWH-CREC, the consortium between IWH and China Railway Group Ltd (CREC), which is investing 60 per cent equity interest in the Bandar Malaysia project.
This project will be jointly developed by the Minister of Finance Inc and IWH-CREC.
“Given the strategic location for the Bandar Malaysia project in Kuala Lumpur, we are highly confident the national project has the prospects to become the country’s foremost integrated transportation and financial hub.
“We are glad that CIMB is the first local bank to provide a facility for the project. This indicates a clear signal that the bank is confident in the prospects of this mega project,” IWH executive vice chairman Tan Sri Lim Kang Hoo said in a statement today.
IWH-CREC was chosen as the project’s master developer via an open tender exercise that drew participation from over 40 world-renowned companies, including from Japan, Australia and the Middle East in 2015.
Lim noted that the reinstatement of the Bandar Malaysia project by the government in April 2019 had reaffirmed that Bandar Malaysia would have a major positive impact on Malaysia’s economy.
“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,” he said.