GEORGE TOWN: The state government has proposed that a similar investment vehicle like the Terengganu Investment Authority (TIA) be set up in Penang.
Chief Minister Lim Guan Eng said he had written to Prime Minister Datuk Seri Najib Tun Razak to approve a RM5bil federal guarantee to finance the investment body to be called Penang Investment Authority.
He saw no reasons why the re-quest would be rejected since the Federal Government could guarantee RM5bil for TIA.
TIA is the country’s first state-established sovereign wealth fund with an initial allocation of RM11bil.
