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China Eximbank pledges 1 billion RM loan for Phase 1 of Penang Transport Master Plan
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Penang State, Malaysia |
| Country | Malaysia |
| Start Date | May 31, 2017 |
| End Date | Dec 19, 2029 |
| Duration | 4,585 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 65987 |
Grant Description
China Eximbank pledges 1 billion RM loan for Phase 1 of Penang Transport Master Plan On May 31, 2017, Penang State Government planned to borrow money from China Eximbank to finance the Penang Transport Master Plan.
On June 4, 2017, the Penang State Assembly passed the Penang Loan Bill 2017 to enable the government to borrow from China Eximbank.
Then, on or around June 10, 2017, a memorandum of understanding (MOU) with China Eximbank was signed regarding a 5-year, RM 1 billion loan for Phase 1 of Penang Transport Master Plan.
On July 1, 2020, Gamuda Bhd announced that the Penang State Government had confirmed the appointment of its joint venture (60%-owned subsidiary) to be the project delivery partner (PDP). SRS Consortium –- a joint venture between Gamuda Berhad, Loh Phoy Yen Holdings Sdn. Bhd. and Ideal Property Development Sdn.
Bhd. — is the PDP for the Penang Transport Master Plan (PTMP) and the South Reclamation Scheme (SRS)
Staff Comments
this project most likely has not reached the commitment stage with China Eximbank loan yet as stage 2 coder went through the latest press release. Needs further investigation;
Sources & References
- Penang govt’s loan plan continues to draw questions
- Penang mulls RM1 bil loan from Putrajaya to finance transport plan
- Liow raps Penang for ‘double talk’, 'NO AID SOUGHT FROM FEDERAL GOVT'
- Penang Transport Master Plan
- Gamuda made PDP for Penang Transport Master Plan, 10亿令吉贷款怎样了？ Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Government of Penang State, Malaysia
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