March 05, 1999
| | |
| ||
| March 05, 1999 | atimes.com | |
| ||
| Southeast Asia Malaysia, Japan exchange notes for $888.6m loan KUALA LUMPUR - Malaysia and Japan Wednesday exchanged notes for a 107.695 billion yen (RM3.377 billion or U.S.$888.6 million) loan to finance key projects, which will assist Malaysia's economic recovery. Second Finance Minister Mustapa Mohamed signed the agreement for the Malaysian government at the Treasury here today while Japan was represented by its ambassador to Malaysia Issei Nomura. According to a statement from the finance ministry the loans will be used to finance Malaysia's look-east policy education program (14.026 billion yen), the development of Universiti Malaysia Sarawak (18.549 billion yen), the construction of Beris dam in Kedah (9.737 billion yen) and the rehabilitation of the Port Dickson power station (49.087 billion yen), and to provide funds to small and medium scale industries (16.296 billion yen). This loan is directed at strengthening the industrial base, improving the quality of human resource and the environment, which will contribute to the country's sustained development in the long term, the statement added. The latest disbursement is also part of the 594.1 billion yen loan extended to date to Malaysia under Japan's Overseas Economic Cooperation Fund (OECF). Malaysia first received loans under the OECF in 1969. Prime Minister Mahathir Mohamad met his Japanese counterpart Keizo Obuichi in Hanoi last year, where the latter pledged 117 billion yen to Malaysia for seven projects. The exchange of loan notes Wednesday was for five projects while funding for the remaining two projects - a higher education loan fund (8.212 billion yen) and the Pahang-Selangor raw water transfer project (1.093 billion yen) - will be concluded in the near future. (Asia Pulse/Bernama) | |||||||||
 |
|
Front | China | Southeast Asia | Japan | Koreas | India/Pakistan | Central Asia/Russia | Oceania Business Briefs | Global Economy | Asian Crisis | Media/IT | Editorials | Letters | Search/Archive |
back to the top ©1999 Asia Times Online Co., Ltd. |
