Terengganu Investment Authority to be federal body

KUALA LUMPUR: The Terengganu Investment Authority (TIA) is being expanded to a federal entity called 1Malaysia Development Bhd (1MDB) with the aim of investing billions of ringgit in energy, real estate and hospitality sectors in the country, according to a statement from the Prime Minister’s office.

It was earlier proposed that the TIA would raise RM11bil for investments, of which RM5bil were to be government-guaranteed bonds while RM6bil were bonds to be collateralised by oil royalty payments to the state of Terengganu.