SME Bank will allocate RM1 billion loan for local contractors to complete the 40 percent civil work on the East Coast Rail Link (ECRL) project.
These contractors will be able to borrow up to RM50 million with an interest rate between six to seven percent.
The loan will be available after the signing of the memorandum of understanding between SME Bank, Malaysia Rail Link Sdn Bhd and China Communications Construction (ECRL) Sdn Bhd in Kuala Lumpur today.
Entrepreneur Development secretary-general Wan Suraya Wan Mohd Radzi, who attended the ceremony on behalf of minister Redzuan Yusof, said the loan is provided to ensure that the ECRL project is completed as planned.
"The facility is in the form of term and revolving financing and is capped at RM50 million for each applicant, excluding bank guarantees," she said.
Loan applications above the capped amount will be considered on a case-to-case basis, Wan Suraya added.
Also present at the event were Finance Minister Lim Guan Eng and China's ambassador to Malaysia Bai Tian.
[More to follow] - Mkini
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