IWH inks RM371mil financing deal with CIMB for Bandar Malaysia

From left: IWH executive vice chairman Tan Sri Lim Kang Hoo, IWH group executive director Lim Chen Herng, CIMB Group head of corporate banking Lo Nyen Khing, group CEO of CIMB Group Tengku Datuk Seri Zafrul Aziz and China Railway Dongfang Group chairman Chen Zhi Gong.

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 Ltd (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 yesterday.

IWH executive vice chairman Tan Sri Lim Kang Hoo said due to the project’s location, they are “highly confident” it has prospects to become the country’s foremost integrated transportation and financial hub”.

He said CIMB was the first local bank to provide a facility. IWH-CREC was chosen as the project’s master developer via an open tender exercise that drew participation from over 40 companies, including those from Japan, Australia and the Middle East in 2015.

The 486-acre project was temporarily put on hold after the May 9,2018 election.

It was reinstated by the Federal Government in April 2019.