GEORGE TOWN: The state government has clarified that the proposal for a RM1 billion soft loan from the Federal Government for the Penang Transport Master Plan (PTMP) is an alternative to the Export-Import Bank of Malaysia Bhd (Exim Bank) loan proposal mooted by the previous leadership.
Chief Minister Chow Kon Yeow said today: “We are exploring all possible avenues to implement the project.
“If we can get good news from the Federal Government on a soft loan, then we can focus on starting the project.
“However, it would be premature to talk about it without approval.”
Chow had previously said that the state government would be able to implement the PTMP’s Pan Island Link 1 and light rail transit projects simultaneously if it secured a bridging loan.
Today, he said the state government would stick to the original plan of financing the components of PTMP through land reclamation projects if failed to secure a loan.
“We have to put in a formal application to the Federal Government for the soft loan.
“We are exploring all avenues. It could also be a combination of two or three financing models.”
Chow said the state government was looking forward to collaborating with Prasarana Malaysia Bhd (Prasarana) to boost the water transport system, including water taxis and catamarans.
“Penang is blessed with a few hundreds kilometres of waterfront, but it is not fully utilised.
“We see Prasarana as an ideal strategic partner as it comes under the Federal Government.”
He said the state government also wanted to discuss the Penang International Airport expansion project with Malaysian Airport Holdings Bhd.