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Malaysia to inject $698 mln to complete TRX City

Malaysia to inject $698 mln to complete TRX City


Reuters
Updated: 21-06-2018 12:24 IST
Malaysia to inject $698 mln to complete TRX City

Finance Minister Lim Guan Eng said the decision will "help allay concerns" of local and foreign investors on the fate of the project.

Malaysia on Thursday said it will fund up to 2.8 billion ringgit ($697.9 million) to complete the development of TRX City, an integrated financial district, from which over 3 billion ringgit was taken to pay off 1Malaysia Development Berhad (1MDB) debts.

Finance Minister Lim Guan Eng said the decision will "help allay concerns" of local and foreign investors on the fate of the project.

"This is one example of how 1MDB used this to pay off its debts that are not related to the project," Lim said at a press conference broadcast live on local television. ($1 = 4.0120 ringgit) (Reporting by Joseph Sipalan; Editing by Sam Holmes)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)