The Selangor state government is planning to set up a onebillion ringgit ($315.46 mln) sovereign wealth fund to developmajor urban centres like Petaling Jaya and Klang into"world-class" cities.
The Selangor Urban Development Fund will raise part of themoney from private sector businesses in real estate andinfrastructure development by leveraging assets like state-ownedland. The fund will be parked under the state.
Selangor Chief Minister Khalid Ibrahim revealed the plan inJohor while presenting a paper at the Future of Urban LivingConference in Iskandar.
"Realising several constraints, especially financial innature, the state government will unlock the value of theunderlying assets, in particular parcels of land belonging tothe state, by reconfiguring or leveraging on assets themselvesas major funding sources", he said.-Malaysian Reserve
NOTE: Reuters has not verified this story and does not vouchfor its accuracy.
($1 = 3.1700 Malaysian ringgits) (Reuters)
- Budget, Tax & Economy
- Politics & Government