KUALA LUMPUR: Iskandar Waterfront Holdings Sdn Bhd (IWH) has signed a RM371mil facility agreement with CIMB Bank Bhd for its participation in the Bandar Malaysia project
IWH will use the facility to part finance the investment by IWH-CREC, the consortium between IWH and China Railway Group Limited (CREC), which is investing 60% in the project.
This project will be jointly developed by the Minister of Finance and IWH-CREC, according to a statement issued on Friday.
IWH executive vice chairman Tan Sri Lim Kang Hoo said due to the strategic location for project in Kuala Lumpur, “we are highly confident in the national project has the prospects to become the country’s foremost integrated transportation and financial hub”.
He said CIMB was the first local Malaysian bank to provide a facility for the project, refelecting the banking group's confidence in the project.
IWH-CREC was chosen as the project’s master developer via an open tender exercise that drew participation from over 40 companies, including from Japan, Australia and the Middle East in 2015.
The project was reinstated by the Federal Government in April 2019 as it expects Bandar Malaysia will have a major positive impact on the 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.
The signing ceremony was held at CIMB headquarters here. Representing IWH at the signing ceremony was IWH group executive director Lim Chen Herng while CIMB was represented by group head of corporate banking Lo Nyen Khing. The signing was witnessed by Lim Kang Hoo, group CEO of CIMB Group, Tengku Datuk Seri Zafrul Aziz and by China Railway Dongfang Group chairman Chen Zhi Gong.
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