Malaysia sets aside huge fund for new projects on govt land
The Malaysian government wants to attract private investment to a series of ‘high impact’ projects on over 1,000 hectares of land it owns, setting aside RM20 billion (US$ 6.2 billion) in a special fund under the 10th Malaysia Plan.
The land includes areas owned by the Armed Forces and the former Pudu Prison, among others. Areas such as Sungai Buloh in Selangor and Sungai Besi would be the focus of rapid economic growth and become Malaysia’s most modern city after Kuala Lumpur, with new developments including office and administrative areas, Light-Rail Transit (LRT) and even monorail. Deputy Finance Minister Dr Awang Adek Hussein said the land was given to Government-Linked Companies (GLCs) with a view to forming joint ventures from the private sector. The areas would need to show economic growth of around 6% annually to keep with Malaysia’s Vision 2020 project.
source & article: Business Times
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