Guan Eng: Putrajaya to spend RM2.8b to complete TRX
The Tun Razak Exchange (TRX) project will be completed using an additional RM2.8 billion infusion from the government, Finance Minister Lim Guan Eng said today.
Despite the development’s close links to the tainted 1Malaysia Development Bhd (1MDB) and suspicion it was used to misappropriate over RM3 billion, Lim said the government decided the best option was to finish the financial hub.
“The Malaysian Cabinet has decided to support the TRX project to recoup all misappropriated funds, repay all borrowings, recover all funding investments and opportunity costs as well as potentially achieve a small surplus return,” Lim said.
He said the payment will be made in tranches until the project’s completion in 2024.
This year will see an injection of RM344 million and Lim has promised to conduct a value engineering exercise and see where the government can reduce costs.