Penang to issue bonds to raise funds for reclamation project

Penang to issue bonds to raise funds for reclamation project


GEORGE TOWN: The Penang government will issue bonds that it will also guarantee to raise funds for the RM2 billion Penang South Reclamation Scheme (PSRS) project.

Chief Minister Chow Kon Yeow said the decision was made based on the advice of financiers that approval from the federal government was not required.

Penang lost the support of the central government when Perikatan Nasional (PN) replaced Pakatan Harapan (PH) in Putrajaya in March.

“We don’t need a guarantee from the federal government. A state issuance will suffice,” Chow said when responding to questions on how the state will continue with the RM46 billion Penang Transport Master Plan (PTMP) project.