LAST_UPDATEFri, 20 Jul 2018 6pm

TRX Project Completion Will Create Confidence Among Foreign Investors

PUTRAJAYA  -- The RM2.8 billion fund injection by the government and the decision to proceed with the TRX project will create confidence among foreign investors who have invested in it.

Finance Minister Lim Guan Eng said to date, TRX City Sdn Bhd had sold parcels of land to local and foreign investors such as Mulia Property Development, HSBC, Affin Bank, Lembaga Tabung Haji, WCT Lendlease and IJM.

"There is a lot of foreign interest and investments in the project. There will be wide ramifications if it is not completed.

"In this respect, we want to ensure that investors, both local and foreign, are reassured that their investments would not be written off," he told a press conference here today.

Lim said the RM2.8 billion would be paid in tranches until 2024 and this year, the government is looking at injecting RM344 million.

However, he said the government would undertake value engineering, to reduce the construction cost of the TRX, which is at 80 per cent completion.

When asked whether government fund injection was the last resort as a funding source for the TRX, Lim said it would be difficult to find any other, given its association with 1MDB.