Penang Gerakan weighs in on China bank loan issue

  • Nation
  • Thursday, 01 Jun 2017

GEORGE TOWN: The Penang government’s decision to secure ‘bridging finance’ from the China Exim Bank continues to be questioned.

Penang Gerakan vice-chairman Lee Boon Ten asked why the state government needed to borrow money to fund Phase 1 of the Penang Transport Master Plan (PTMP).

“On August 2015, on his Facebook page, Chief Minister Lim Guan Eng wrote that PTMP (consortium) will bear the risk of expenses and cost incurred while Local Government Committee chairman Chow Kon Yeow on May 19, 2016, also wrote on his Facebook page that the state government will not have to bear any financial burden for PTMP.

“Why does the state now need about RM1bil to fund the construction of the Bayan Lepas LRT system and several highway projects?” he asked in a press conference at state Gerakan headquarters yesterday.

It was reported that Lim said the state would have to provide about RM1bil while SRS Consortium, the project delivery partner, would bear the remaining RM1.3bil to fund construction of the Bayan Lepas LRT system and several highway projects.

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