A consortium consisting of four local banks and four international banks with a combined asset base exceeding $13 trillion has been set up a new fund to finance the development of the Bandar Malaysia project in Kuala Lumpur. The fund, which will be utilized to finance development and construction works, is backed by Bank of China, Industrial and Commercial Bank of China, China Construction Bank and HSBC. The local banking groups backing the fund are CIMB, Maybank, RHB and Affin Bank. Bandar Malaysia when completed will become a premier mixed-use transport oriented development in the heart of Kuala Lumpur. The project is spearheaded by IWH CREC, a 60:40 joint venture between Iskandar Waterfront Holdings and China Railway Engineering Corp. ICSB had announced a $2 billion investment by CREC to build its regional center in Bandar Malaysia. It will serve as a central transportation hub for the Mass Rapid Transit, KTM Komuter, Bus Rapid Transit (BRT) and Express Rail Link (ERL) lines.
