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November 14, 2017

Penang’s 2018 Budget of RM1.25 bil approved

GEORGE TOWN, Nov 14: The Penang State Legislative Assembly sitting today passed the Supply Bill 2018 which has allocated RM1.25 billion for the state’s 2018 Budget.

Chief Minister Lim Guan Eng, when winding up the debate on the budget, said the state government had approved a scheduled loan of RM679 million for Penang Development Corporation (PDC) in 2016 for land acquisition and infrastructure development to encourage balanced development, especially in the Seberang Perai area.

“A sum of RM70 million was also approved in the 2016 Budget and channelled to PDC, while another RM609 million was approved in the 2017 Budget,” he said.

Lim said to date, the state government had released RM155.34 million in loans to PDC.

He said the loan facility given by the state government to PDC was not a financial risk as the state government would start getting the returns including the gains from the loans in 2018, with the estimated amount to exceed RM120 million within the next eight years.

Lim said PDC had settled the amount (RM155.34 million) on Nov 10, this year.–Bernama

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