Banking Industry Is Ready For HSR, Says Malaysia's Bank Muamalat Chairman

KUALA LUMPUR, July 20 (Bernama) -- The banking industry is ready to provide loans for the Kuala Lumpur-Singapore High Speed Rail (HSR) development project, says Bank Muamalat Chairman, Dr Mohd Munir Abdul Majid. "This is a major project, (but) we have the Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), and other international as well as Malaysian and Singaporean banks, interested in providing loans. "They are ready to finance it. The question now is, how do you structure the financing, depending on which (country) get the project," he told reporters after the launch of the Bank Muamalat Aisya Debit Card here Wednesday. He said the countries currently bidding for the project are also already well-established in terms of technology. He also said they have a good track record in developing HSR projects in their own countries. "Looking at it (technology capability) from the outside, Japan has had many years’ experience (in HSR), while China came in at the high-end of the technology, and does not have to start at ground zero," he added. Malaysia and Singapore on Tuesday signed a Memorandum of Understanding (MoU) on the Kuala Lumpur-Singapore HSR project, signifying both countries' commitment towards the iconic project. The MoU was witnessed by Prime Minister Najib Razak and his Singapore counterpart, Lee Hsien Loong. The HSR project, targeted for commercial operations in 2026, will have eight stations, namely Bandar Malaysia, Putrajaya, Seremban, Ayer Keroh, Muar, Batu Pahat, Iskandar Puteri and Singapore. The 350 km rail venture will reduce travel time between the two countries to just 90 minutes, at speeds of over 300km/hour. -- BERNAMA