Malaysia's government will guarantee a short-term loan worth up to 8 billion ringgit ($2.6 billion) to fund the country's largest and most expensive railway project, a source close to the matter said on Thursday.
The loan is one of three financing components needed to fund the project, said the source, who asked not to be identified. The 51-km mass railway project in the country's Selangor state near Kuala Lumpur is central to the government's flagship "economic transformation" program that aims to transform Malaysia into a high-income economy by 2020.
"The short-term financing will be fully guaranteed by the government," the source told Reuters. "But the tenure of the financing is not finalised yet."
The tenor for the loan is expected to range from 18 months to three years with Malaysia's major domestic banks working on it, market sources told Basis Point, a Thomson Reuters publication.
Danainfra Nasional Bhd, a government-owned company set up to finance infrastructure projects, recently obtained a 400 million ringgit bridging loan as initial funding for the project, the official said.
"The long-term financing will be either a long-term bond or Sukuk (Islamic bond) which either be government guaranteed or a rated paper. The amount will only be finalised once all contracts are awarded," said the official.
The mass railway project, launched by Prime Minister Najib Razak in July 2011, has attracted companies including China Railway Construction Corp, China's Sinohydro Group , Hyundai and Japan's Taisei Corp to bid for the tunneling works.
-Reuters
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